The newly launched fiat-to-cryptocurrency trading platform, Binance Jersey is experiencing a huge number of requests for Bitcoin services at its launch in the British isle of Jersey.
The platform, a part of Hong Kong-based cryptocurrency exchange giant Binance, was launched recently and is seeing a massive surge in response from local users in Jersey. The overwhelming amount of applications for the KYC that has been mandated by the UK government for crypto trading is being presumed to be a direct consequence of the current uncertainty on the UK mainland over Brexit.
Brexit, an unofficial portmanteau for “Britain’s Exit” from the European Union, has been controversial, to say the least. The recent development in the chain of events, following the resignation of Prime Minister David Cameron’s resignation from office, and the current PM Theresa May’s crushing defeat of her deal with the EU for an orderly exit from the European Union, has left the country’s politics in a state of disarray.
At present, the situation is in somewhat of an impasse, with politicians in the Houses of the Parliament, tasked with the responsibility to facilitate Brexit, failing to agree upon a single unanimous decision on the path to take towards a solution. As such, observers are attributing the rush for Bitcoin in Jersey to the Brexit situation, claiming the uncertainty of the UK mainland after the deal goes through.
Brexit. Binance’s Chief Financial Officer Wei Zhou explained why the mad rush for Bitcoin in Jersey:
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern.”
Additionally, Zhou said that, from his point of view, a broader cryptocurrency adoption in Europe can be achieved if “crypto-fiat channel for Europe and the UK” is bridged. Binance has previously stated on multiple occasion that Brexit could well impact on Jersey in terms of it becoming a driving force within Europe’s crypto market which has lagged behind Asia and North America.
Just last week, UK Finance warned of the “catastrophe” that is likely to occur within the United Kingdom’s financial system, if the final outcome for Brexit on 29th March is a “no-deal.”