Binance is Set to Launch a Regulated Crypto Trading Platform in the UK This Summer
Binance, the world’s leading cryptocurrency exchange in terms of trading volume, has announced today on June 17, 2020, that it is going to launch a regulated crypto trading platform in the U.K. most expectedly in the summer of the present year.
Announcing the news on Wednesday, the crypto exchange said that the UK trading platform will aim at institutional as well as retail investors because it has been designed for both of them. Both institutional and retail investors will be able to buy and sell crypto assets on this trading platform.
A UK’s FCA regulated trading platform
According to the report of Reuters, the Financial Conduct Authority (FCA) of the U.K. will regulate this crypto trading platform.
Initially, at the launch of the Binance UK, around 65 crypto assets are expected to be available on this trading platform. Retail and institutional investors can trade these supported assets on this exchange by using Euros and Pounds.
The company then said that withdrawals and deposits can be made via direct bank transfers using the Faster Payments Service (FPS) of the UK and the SEPA (Single Euro Payments Area) Network.
An increase of institutional interest in crypto
The latest Fidelity Survey of over 800 institutional investors shows that there has been noticed a rapid increase of institutional interest in cryptocurrency. And since the beginning of this year, Binance has seen an increase of 47.4% in institutional clients in the Q1 of 2020.
The Binance UK Director Teana Baker-Taylor says that interest and participation of institutional clients in the UK crypto market keep on growing. While talking to Reuters, she revealed the company’s plans to offer clients various products in the future such as staking to gain their interest.