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Binance gearing up to set foot in the UK this year

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Binance is the world’s largest crypto exchange by volume. Over the years it has progressed immensely and has garnered a dedicated community of crypto enthusiasts. In a matter of years, Binance has made its way to the top by making some innovative decisions and a utility token (BNB) that has seen massive growth in its use and worth.

The exchange is also known to expand aggressively and a recent Reuters report states that the exchange is now preparing to set foot in the UK.

According to the June 17 report, Binance is ready to launch its cryptocurrency trading platform in the UK this year. The platform has been designed to allow the buying and selling of cryptocurrencies using local fiat currencies Pound and Euro.

The exchange will also be regulated by the Financial Conduct Authority of UK.

Developed with both institutional and retail investors, Binance UK is set to launch with 65 digital assets ready for trading. The platform will also allow direct bank deposits and withdrawal of funds via the UK Faster Payments Service and the Single Euro Payments Area network.

Teana Baker Taylor, Director at Binance UK commented:

“Interest and participation in the UK digital asset markets is growing; not just in-depth with its current participants, but also in breadth.”

“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,” she added.

The company also noted that it has seen an increase in the number of institutional clients over the past year. The number of institutional clients added in the first quarter of 2020 grew 47.4% from the last quarter of 2019.

Institutional client volumes have also spiked 113% compared to the previous quarter on spot transactions, while the futures market saw a 217% rise.

Earlier this year Binance entered the Indian market with the accusation of one of the biggest local exchanges dubbed WazirX. This marked the first time an Indian exchange was acquired by an international exchange.

Back in March, the company announced the launch of Binance KR, a South Korean crypto-to-crypto exchange, as the first global use case of its recently launched service, the Binance Cloud.

More recently the company announced that it’s set to launch Kava’s DeFi lending platform on Binance exchange, allowing BNB holders access to DeFi services. The new platform would feature connectivity with Binance Chain, allowing BNB users to use the token as collateral to mint USDX Stablecoin loans

Anna Larsen
Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

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