Binance Jersey Subsidiary Shuts Down Two Years After Launch

The Binance Jersey subsidiary shuts down two years after launch and all accounts will be inaccessible as of November 30. In our latest binance news, we are reading more about the reasons why the subsidiary is shutting down.

The world’s biggest crypto exchange announced that the Binance Jersey subsidiary will close down its offices. The branch was launched in Jersey as a part of its expansion drive to tap into the European markets as the exchange announced that the offices will still allow fiat to crypto trading for European Traders. The exchange supported bitcoin and Ether trading against both EUR and British pound.

While the exchange aimed to make Binance Jersey a main driving force on the European markets, the market statistics show that it fell short on the goals and according to the latest CoinMarketCap data, Binance Jersey has a 24-hour trading volume of $164,470. The BTC/EUR pair and BTC/GBP trading pair volumes are set at $76,597 and $46,974. The Binance Coin which is the native coin of the exchange has a combined GBP and EUR trading volume of about $5,133.

Binance will restrict the new deposits of GBP, EUR, and all of the supporter cryptocurrencies on October 30. After the suspended deposits, the exchange will allow the trading and withdrawals of all pairs and currencies on November 9. The platform’s final shutdown is scheduled for November 30 when the users’ accounts will be inaccessible. The exchange didn’t specify the exact reasons for shutting down operations back in Jersey but said its main platform will still “continue to offer services to citizens of Jersey through compliant banking channels.”

In our other Binance news, The Binance latest quarterly burn was announced yesterday by the exchange where $68 million worth of crypto was destroyed forever. The Malta-based exchange said that its 13th token burn where 2,253,888 tokens or 1.13% of the token supply was burned, it became the largest burn in terms of dollar value and the fourth highest in terms of the number of coins burned. The burning means destroying the coin thus taking it out of circulation, which means that it is the opposite of minting which refers to creating new coins. Burning takes place periodically and increases the demand for the coin so it pumps the price.