Fear Of Brexit Spikes Demand For Binance’s New U.K. Bitcoin Exchange

Brexit's Effect

Whether there is a crypto-currency frenzy at the top of a market (bitcoin $20,000) or hitting lows (bitcoin $3,400) at the “bottom” of a market, the interest in opening new accounts never waivers. The world’s largest crypto exchange (by trading volume) is being swamped by new account signups and is speculating one of the reasons is the unknown of how Brexit will go. Hong Kong based Binance has just opened its Jersey (U.K.) exchange trading platform and processing all the KYC and AML applications has become “crazy”. Bitcoin may be in a bear market but the underlying demand is still strong. Read up.

Bill Taylor/Fintek Capital

“Bitcoin has had a rocky start to 2019, though cryptocurrency developments are still rolling on with many hoping the year-long bitcoin bear market—labeled crypto winter for its debilitating effect on the industry—will soon thaw.

Now, Hong Kong-based Binance, the world’s largest bitcoin and cryptocurrency exchange by trading volume, has said it’s been “overwhelmed” by registrations for its new Jersey-based trading platform, which the exchange’s widely respected chief executive Changpeng Zhao, often known as CZ, put down to “crazy” demand.

Meanwhile, the U.K. is stuck in Brexit gridlock as it struggles to find a path out of the European Union following its decision to quit the trading bloc over two years ago, playing havoc with local financial markets and casting doubt over the country’s future as a traditional banking hub.

Binance Jersey, which opened for registrations on Tuesday this week, will allow users to trade euros and British pounds with bitcoin and ethereum and access digital asset management services.

“Binance.je is overwhelmed with registrations,” CZ said via Twitter earlier today. “There is a backlog of KYC (Know Your Customer) verifications already. More resources are allocated to reduce it. In the meantime, we appreciate your understanding and patience. Just crazy! One thing we do ‘well’ is underestimating ourselves, and the market.”…

Full Story By Billy Brambough at Forbes.com