[2019-01-19] Binance Sees Massive Uptake

[aalfadhala]

It’s only been 24 hours or so since Binance launched their new crypto to fiat trading platform in Jersey. However, there have already been reports of massive uptake, and the price of Binance coin has performed strongly as a result.

It hasn’t even been a day since the launch, which was announced on the Binance site with the following message:

“Binance is excited to announce that Binance’s EUR / GBP Fiat Exchange, Binance.je, is now online, with trading in BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR trading pairs now open. Registrations, deposits and withdrawals are now also available.

The first 5,000 users to register and complete Account Verification (KYC) on binance.je will be rewarded with 20 EUR. Further details on this promotion can be found here.”


Read more: https://coinlu.com/binance-sees-massive-uptake-following-jersey-exchange-opening/

[1Referee]

Binance being a fiat entry point now is great news for Bitcoin and crypto in general.

Finally we see a major player compete with Coinbase for marketshare, and I strongly believe that Binance has a serious shot at overtaking them if they also manage to enter the USD field of the market. Most people use Coinbase as entry point to then directly send their BTC or whatever coin to Binance and trade. Now Coinbase isn't needed for that anymore, at least within Europe, they'll lose a chunk of income and clientele.

Best piece of news this year so far.

[figmentofmyass]

Binance being a fiat entry point now is great news for Bitcoin and crypto in general.

Finally we see a major player compete with Coinbase for marketshare, and I strongly believe that Binance has a serious shot at overtaking them if they also manage to enter the USD field of the market. Most people use Coinbase as entry point to then directly send their BTC or whatever coin to Binance and trade. Now Coinbase isn't needed for that anymore, at least within Europe, they'll lose a chunk of income and clientele.

Best piece of news this year so far.

to be honest, it makes me nervous to see binance getting as big as they are. don't get me wrong, they're obviously one of the most competent exchanges out there. i just shudder to think about how many coins they have in custody.

do they actually have plans to enter the USD market? that would be a massive undertaking---they'd need dozens of MSB licenses. i wouldn't have expected it since binance seems to avoid formal licensing/registration as much as possible.

[gentlemand]

Considering the fees I find this hard to believe.

There are much cheaper EUR options and now Coinbase has GBP up and running there's not much reason to shop elsewhere for Brits either.

Good luck to 'em all the same but they're going to have to go some to compete.

[pixie85]

Considering the fees I find this hard to believe.

There are much cheaper EUR options and now Coinbase has GBP up and running there's not much reason to shop elsewhere for Brits either.

Good luck to 'em all the same but they're going to have to go some to compete.

The fees on coinbase aren't low. I was shocked to see how much they're charging per transaction. It can be ignored when you're simply buying to hold or selling to get out but if you're trading small amounts it's hard to make a profit on Coinbase with their $3 fee per conversion.
There is a theory that Bitcoin companies will keep growing until they eliminate competition and become giants that will destroy any signs of decentralization and free market just like Bitmain would do in mining if they continued with BTC instead of Bcash.

[1Referee]

to be honest, it makes me nervous to see binance getting as big as they are. don't get me wrong, they're obviously one of the most competent exchanges out there. i just shudder to think about how many coins they have in custody.

From what I can see, they hold at least 200,000BTC in their top wallets, and there is another ~50,000 BTC they hold in a large number of smaller wallets. Definitely a massive amount, but still somewhat of a joke compared to Coinbase's ~900,000BTC currently held in custody. It's mind boggling how much faith people have in these exchanges.

do they actually have plans to enter the USD market? that would be a massive undertaking---they'd need dozens of MSB licenses. i wouldn't have expected it since binance seems to avoid formal licensing/registration as much as possible.

No plans as far as I know, but it would be a massive stunt for sure. They have the capital on their side, so the financial part definitely won't be a problem. I think the main reason for them to avoid the licensing/registration part is to onboard as many users as they can, trap them in, and then force them to verify themselves whenever they are ready to become fully compliant in the US.

[BitHodler]

I think the main reason for them to avoid the licensing/registration part is to onboard as many users as they can, trap them in, and then force them to verify themselves whenever they are ready to become fully compliant in the US.

That makes sense with how their immense growth was solely the result of shitting on local laws. It surprises me that there haven't been more countries following Japan's example to get rid of them....

Overall, I don't think Binance will attempt to offer fiat trading within the US. It's too much of a risk and they definitely don't need to expose themselves to so much risk considering how insignificant the potential benefits are.

Binance is a money making machine already, and more so when ICOs no longer use Ethereum to launch their project on, but Binance itself with how that's the easiest way to get yourself a listing there.

[zby]

"The first 5,000 users to register and complete Account Verification (KYC) on binance.je will be rewarded with 20 EUR. Further details on this promotion can be found here." - that does not look like massive uptake.

[LeGaulois]

It's just the hype for the launch, in some weeks or months it will fade. The fees are too high.

Do you remember when The US taxes department requested all information to Coinbase about their American customers?
Don't be surprised if several countries do the same in a near future. Keep that in your mind because Binance will gladly snitch all your information to your local jurisdiction.

[CryptoBry]

It's just the hype for the launch, in some weeks or months it will fade. The fees are too high.

Do you remember when The US taxes department requested all information to Coinbase about their American customers? Don't be surprised if several countries do the same in a near future. Keep that in your mind because Binance will gladly snitch all your information to your local jurisdiction.

This is one risk of doing business with cryptocurrency exchange especially if one is operating in the jurisdiction of the United States. Well, the government will really be doing all it can so everybody can be paying their share of tax fully and if one entity is not cooperating with its implementation then we can expect some repercussions and then the entity will have no choice but to obey otherwise they can be losing the business. However, I still believe that Binance (with all of the developments it is implementing and priming for) is the future of cryptocurrency exchange though I am hoping they can be decentralized soon.

[zerocrypted]

The fees are too high right now, indeed. But I think in some months when the volume would grow - those would decline.

Check our Binance Jersey Review in case you want to know more about Binance Jersey.

[jeromix]

The fees are too high right now, indeed. But I think in some months when the volume would grow - those would decline.

Check our Binance Jersey Review in case you want to know more about Binance Jersey.

I think they are only using the percentage method to where just like other local exchanges has applied. For example, a local exchange will take 5% of the total crypto traded in their exchange. This is the usual event that will take place in an exchange. So, whether we like it or not because we need their service then we have no other choice but to pay the fee required in order for the success of the trade.

[Taki]

I had a plan to buy some binance coins, buy the plan didn't come true. On registration page there is no my country in the list (Serbia) and I found it risky to choose any neighbor country just to fill KYC form. Well, I'm from a little country and I guess binance will not loose a lot by removing such clients as people from Serbia.

[onrise]

This exchange has being pioneer and become one of the top exchanges in past years . They have captured the market well and build trust among their users . This has helped them get more new users and trade in their platform . Thus overall this has gone well and people  believed that this will continue doing great work and their coin will keep doing well .