Binance’s fiat-to-crypto exchange in Europe, Binance Jersey, is reportedly set to shut down later this year as trading volumes on the platform failed to pick up steam over time.
The cryptocurrency trading platform was launched to tap into the European markets in early 2019, supporting trading pairs between bitcoin (BTC) and ether (ETH) against the euro and the British pound. Binance’s main platform has since then launched support for EUR and GBP, it’s worth noting.
The trading platform failed to pick up a significant trading volume since launch. According to CryptoCompare data, Binance Jersey’s trading volume peaked in March of this year, at the time of the so-called “crypto Black Thursday” that saw the prices of most top cryptocurrencies lunge by around 50%, and even then failed to go above £2.5 million ( $3.2 million) per day.
According to Cointelegraph, Binance will restrict new GBP and EUR deposits and on all of its supported cryptocurrencies on October 30. Trading and withdrawals will remain functional until November 9, with the platform’s final shutdown being scheduled for November 30.
Currently, the cryptocurrency trading platform isn’t accepting new sign-ups onto its platform. Binance Jersey reportedly pointed out that the exchange’s main platform, Binance.com, will “continue to offer services to citizens of Jersey through compliant banking channels.”
On social media, Binance Jersey appears to have been inactive for some time, as it does not have a single posted with this year’s date on it. The exchange endured some bad press in August of last year when it saw a white hat hacker compromise its Twitter account. It reacted by rewarding the hacker with a bug bounty.