Binance is one of the largest cryptocurrency exchanges in the world in terms of daily trading volume.

Binance recently announced the closure of the “Binance Jersey” platform, which is one of its subsidiaries, which it launched in order to expand and take full advantage of the European market.

Reasons for closing the Binance Jersey platform:

As we mentioned, the “Binance Jersey” platform for cryptocurrency trading was launched to take advantage of the European market, but things did not go as planned, as “Binance Jersey” recorded bad numbers since its launch.

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For your information, Binance Jersey was launched in January 2019 by Binance to expand its presence in Europe.

At launch, Binance Jersey offered its UK and EU users the ability to trade cryptocurrencies against fiat currencies such as the British Pound (GBP) and the Euro (EUR).

As indicated by Source Things did not work out with the European platform, so a decision to close it will be issued soon.

The platform will stop the ability to deposit GBP, EUR and all other supported cryptocurrencies by October 30th.

While trading and withdrawal of both digital currencies and fiat currencies will be allowed until November 9.

Binance Jersey is set to close permanently on November 30, after which users can no longer access their accounts.

The platform did not reveal the real reason for the closure, nor did the parent platform explain the reason for the closure, except that “CZ” founder and CEO of Binance Tell That the closure was due to the availability of gates that support fiat currencies on the parent platform, and also reassured users that they will not lose the features they are accustomed to.

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While I consider closing as a strategic move.

However, figures and data provided by CoinMarketCap indicate that Binance Jersey has underperformed since its launch.

It processed $200,000 in just 24 hours and the most traded currency pair was BNB/EUR.

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The closing of the platform comes at a time of increased focus and scrutiny around the Binance platform.

In September 2020, a Japanese exchange sued Binance, accusing it of facilitating money laundering and laundering more than $9 million in stolen cryptocurrency.

The platform that filed the lawsuit was hacked and $63 million worth of it stolen, telling the same platform that hackers used the Binance platform to liquidate and launder the stolen coins, as Binance offers lax measures regarding KYC procedures, according to the same lawsuit.

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