Yesterday morning I received an email from Binance Jersey communicating that it was shutting down. Actually I was not so surprised since I led some customers to Binance Jersey and they found that registrations were suspended. When I saw that registration were suspended I thought that some more regulations were required since Binance was rejected from Malta, the so known “Blockchain Island”.
Few days before the announcement I logged in from few months I was not logging in. I saw that the 24hours volume were really low on pretty all the markets.
I am sorry that Binance Jersey has not worked properly, but maybe the communication about it were not enough.
I mean, you can give a look right now on Coinmarketcap, https://coinmarketcap.com/exchanges/binance-jersey/, and you will see that the aggregated volume of the 10 markets present in Binance JE does not reach 1 million in volume.
Markets against dollar are not listed here since in the USA stricter laws requested a dedicated exchange for USA and in Europe I guess there is no such a big request to exchange Major Cryptos in Dollars.
I know that you are suspicious about this observation, but the news is from yesterday morning (Europe Time) and no more than 36 hours has passed since the communication so I expect that many people has sold or bought in Binance Jersey to move funds outside it.
Fees were really low if compared to other exchanges such as Coinbase Pro or The Rock Trading, facilitating conversion of big amounts, providing a lower percentage fee on the conversion and a flat fee for withdrawals.
Funny thing is that I created a few days ago a video on my brand new Youtube channel suggesting Binance Jersey, Coinbase Pro and The Rock Trading among the best options.
So, why has Binance jersey closed in my opinion? Main reasons, in my opinion, are three.
The first one is that Binance Jersey has never reached so much attention. I personally preferred Coinbase Pro for cryptocurrency starters because the registration and the KYC was so much more easy and friendly. And if you have not so high volumes + really competitive fees, your Business Plan is destined to collapse soon or later.
The second is that Binance has started to accept payments in fiat currencies.
In the first two cases (Bank Deposit and Credit/Debit Card) these are the following conditions
0.5€ for receiving the payment via SEPA transfer, or 1.8% for a transfer via Credit/Debit Card.
Afterwards, you will have the 0.1% fee that is the traditional trading fee, in case you do not hold BNB coins on your account, otherwise you will enjoy a 25% discount, leading to 0.075%.
Can you see it?
Fees are almost the same as before with Binance Jersey.
The third reason is the so-called “comfort zone” and I bring my own case to your attention. I am a satisfied Coinbase Customer since years but I daily trade on Binance. I can bet that many people were doing the same, but now that we have everything in the same platform, isn’t it far more easy to change our fiat into crypto and directly trade them?
So, do not be afraid of Binance Jersey disappearing. Embrace the new dimension and the growing size and dominance of the Binance ecosystem.