Just 24 hours after it launched, Binance CEO, Changpeng Zhao, has told customers that Binance Jersey has a massive backlog of KYC verifications and the company is bringing in extra resources to reduce it.
The exchange is Binance’s first European Fiat Exchange. It is designed for fiat-to-crypto trading of the Euro (EUR) and Pound Sterling (GBP) with Bitcoin (BTC) and Ethereum (ETH) within Europe and the United Kingdom. In a press release, Binance highlighted that an expansion into the European markets could provide “freedom from looming Brexit uncertainty where the pound and euro are also in concern.”
The first 5,000 users to register and complete Account Verification (KYC) will be rewarded with 20 EUR, but it seems the incentive combined with the lure of a fiat Binance exchange has caused unprecedented demand. CZ took to Twitter to explain:
https://t.co/THxfdd3RD2 is overwhelmed with registrations. There is a backlog of KYC verifications already. More resources are allocated to reduce it. In the mean time, we appreciate your understanding and patience. The registration prize is FIFO based, no worries. Just crazy!
— CZ Binance (@cz_binance) January 17, 2019
Back in June 2018, Binance had indicated it was opening a Jersey office, as CNR reported at the time. Since then it has been working with Digital Jersey, a collaboration which has the purpose of promoting the blockchain industry in Jersey, as well as supporting Binance in discussions about compliance with anti-money laundering regulations.