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Date:
21st Oct 2020
Author:
CryptoAltum Research Team

Binance Jersey Shutting Down Completely by End of November

The Jersey subsidiary of Binance is shutting down and users are urged to withdraw their funds by early next month as the exchange prepares to completely exit the tax haven Island by end of November. The exchange cites their evolution, including the support of Faster Payments and SEPA, in the Binance Global platform. The BNB coin is stable but bearish on the news.


Details: 

Binance is one of the largest spot exchanges in the world. The Binance Jersey branch was one of the many branches across the globe including in Uganda and Turkey. There are plans of launching an institutional exchange in the United Kingdom this year. As it is, the support of more payment channels allowing users to purchase coins using fiat gave Binance Global an advantage and a reason for their management to deprecate the Binance Jersey branch which is struggling with low trading volumes.


Impact on the BNB Price: 

Neutral. At the time of writing, the BNB price is sliding like most altcoins. While Binance cites improvement in the main exchange, the low liquidity in Jersey and their subsequent shut down won’t significantly impact the liquidity of the BNB coin in the immediate term.


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