Binance Coin (BNB) has seen over 5% price uptick shortly after Binance Exchange CEO Changpeng Zhao announced that the Binance new fiat exchange is seeing overwhelming registrations from cryptocurrency enthusiasts from far and wide.

Since then, the value of Binance Coin has been on the increase, overtaking Monero (XMR) to cling the 13th position in the Coin Market.

As at the time of writing, Binance Coin (BNB) is trading at $6.50 with a market cap of over $40 million.

Two days ago, Binance Exchange announced the launch of Binance.je on the island of Jersey (a British self-governing dependency).

The exchange, said to be created to disrupt European markets, offers four trading pairs at the moment: BTC/EUR, BTC/GBP, ETH/EUR, and ETH/GBP.

The reason the exchange selected Jersey, according to Wei Zhou, the chief financial officer at Binance was for the region’s “highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector.”

Binance is running a promotion for the first 5,000 people to register and perfect their KYC. These people are to receive 20 EUR.

Although, it is “a limited time, 80% commission fee referral program,” the promotion is among the reasons the exchange is seeing numerous users shortly after it was launched.

According to its official website, Binance.je “provides secure and reliable trading of the Euro (EUR) and British Pound (GBP) with Bitcoin (BTC) and Ethereum (ETH), in addition to digital asset management services to users from around the world.”

The launch of Binance in Europe has created a lot of euphoria. The overwhelming registration requests seen on the platform attests to the fact that cryptocurrency has come to stay.

Binance Exchange first kick-started its trading in 2017 and now regarded as the world’s largest digital exchange with a market cap of $659 million, offering 415 markets.