Cryptocurrency exchange Binance will be expanding to the United Kingdom with a regulated crypto trading platform for both institutional and retail investors.
Binance aims to tap the institutional investment market and meet the rising demand for digital asset investments in this sphere.
#Binance Announces FCA-Regulated Trading Platform for the UK 🇬🇧 Through @BinanceUK, users will be able to buy and sell digital currencies using direct bank transfers via the UK Faster Payments Service (FPS) and Single Euro Payments Area (SEPA) network.https://t.co/CvMqwvFPGP — Binance (@binance) June 17, 2020
Investors will be able to trade these assets directly against pounds and euros.
Binance’s trading platform will function under the supervision of the U.K. Financial Conduct Authority, being a regulated exchange.
The platform will allow direct deposits and withdrawals from bank accounts using:
The U.K. Faster Payments Service
The Single Euro Payments Area network
This definitely will make the crypto trading experience on the platform smoother for all investors.
Teana Baker-Taylor, director of Binance U.K. said that with more maturity in the crypto market, Binance is creating more investment options for traders to participate in the crypto market.
She adds that they are building “products that earn a yield for participation, like staking and passive savings.”
According to Binance, its platform saw an increase in the number of institutional clients. It jumped 47% since Q4 2019, along with a concomitant surge in trading volumes.
Institutional volumes had risen by 113% during the first quarter of 2020 on spot transactions. It also registered an increase of 217% on futures investment.
“Interest and participation in the UK digital asset markets is growing; not just in-depth with its current participants, but also in breadth.”