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Jersey Exchange Swamped with Bitcoin Demand as UK Squabbles Over Brexit

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Jersey Exchange Swamped with Bitcoin Demand as UK Squabbles Over Brexit

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Hong-Kong based Binance is experiencing a huge response for Bitcoin at its newly opened trading platform on the Island of Jersey.

CEO Changpeng Zhao has reported crazy demand for new registrations on the new exchange since its opening last week which is based in the self-governing UK dependency. The overwhelming amount of applications for KYC is thought to be a direct result of the current uncertainty on the UK mainland over Brexit.

With UK prime minister Teresa May’s crushing defeat of her deal with the EU for an orderly exit from the European Union, the country is now faced with numerous options, none of which can be agreed upon by politicians charged with the responsibility of delivering 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.”

Zhou goes on to explain that in his view, broader cryptocurrency adoption can be achieved by bridging the “crypto-fiat channel for Europe and the UK.” Binance has maintained for a while 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.

Data provider CryptoCompare recently identified Europe’s sluggish performance compared to other markets, returning less than 4% of the global volume last year. Last week, UK Finance warned of the catastrophe that would occur within the country’s financial system if a no-deal Brexit was the final outcome on 29 March.

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