Binance to Open UK Fully FCA Regulated Trading Platform
Crypto exchange platform Binance just announced that it would launch a fully FCA regulated trading platform for institutional and retail investors in the United Kingdom, according to a blog post published by the company.
The move is a significant business expansion as Binance is one of the world's largest digital asset exchanges in the world, and the United Kingdom is one of the biggest financial hubs in metals, forex, and derivatives.
Binance is trying to cash out the increasing interest of institutional clients in its trading platforms. According to the company, institutional investors grew 47.4% from the last quarter of 2019.
Also, institutional volume on spot transactions has jumped more than 113% between the last quarter of 2019 and the first of 2020. Futures' volume skyrocketed 217%.
A Fully Regulated UK Crypto Platform Starting in Summer
According to the post, the UK platform, expected to be launched this summer, will support 65 digital assets at the time of the launching and more will be added in the next months. Both institutional and retail investors will be able to buy and sell cryptos with pounds and euros.
Deposits and withdrawals will be possible through direct bank transfers with the UK Faster Payment Services and the Single Euro Payment Area network. The platform will also allow fiat to cryptocurrencies on-ramps via debit cards and virtual bank accounts.
As Binance CEO Changpeng Zhao (CZ) said, the United Kingdom is an epicenter of the financial world, and London is the second largest financial hub globally, including the leading market for foreign exchange.
As part of our local market growth efforts around the world to bring more tangible financial access through the power of digital assets and its technology, the UK is at the forefront of spurring larger interest in the region and throughout Europe. We hope Binance.UK will serve as a stepping stone for the next generation of finance.
Binance.UK, a Gateway For British Investors
The affiliate in Britain, called Binance.UK, will connect with all the Binance ecosystem while providing specific services for the Kingdom and the rest of Europe. They will also offer local services and engage with local communities and governments to work for better industry standards and security.
Teana Baker-Taylor will be the Binance UK director. She told Reuters that the crypto interest in the United Kingdom is on the rise.
As crypto services mature and evolve, we're able to create new options to engage and capture interest from a wider audience with varying risk appetites, such as products that earn a yield for participation, like staking and passive savings.
Binance also has joint ventures and affiliates in Singapore, Uganda, Jersey, Korea, and the United States to create fiat to cryptocurrencies trading facilities.
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