Binance to Launch UK Trading Platform This Summer
This summer Binance will start offering customers in the United Kingdom a possibility to buy and trade digital assets with the pound and euro. Binance, the blockchain company behind the largest cryptocurrency exchange, has announced that it plans to launch its service dedicated to serving the UK market.
The company had earlier launched Binance US dedicated to U.S. users to avoid collision with regulators. The Binance for the UK will have the UK watchdog, the Financial Conduct Authority (FCA) oversee compliances with financial regulatory guidelines.
Interest in investment in digital assets has increased in recent times. Binance announced that the UK platform will cater for retail and institutional investors. According to the release seen on the company’s website, Binance UK will take off with 65 digital assets made available for trading. Users will be able to buy and sell these assets through their bank accounts using direct transfers. This will be facilitated by the Single Euro Area Payment Network and the UK Faster Payment Platform.
The company has been involved in joint venture partnerships with global partners in countries such as the U.S., Uganda, Korea, Singapore and Jersey. This has facilitated the company’s growth as a fiat-to-crypto trading platform in those countries. The UK is the latest addition to the list of fiat-crypto enabled countries.
The June 17 announcement that Binance would launch a trading platform in the UK. The company’s spokesperson said that Binance UK would offer spot market services and that there is no plan to add derivative products.