Binance UK set to go live this summer with fiat onboarding in GBP and EUR
Binance, one of the largest cryptocurrency exchanges in the world, will be launching a United Kingdom platform this summer.
Binance, one of the largest cryptocurrency exchanges in the world, will be launching a U.K. platform this summer. The platform will enable both retail and institutional investors fiat on-boarding in GBP and EUR, and will be registered with the U.K. Financial Conduct Authority.
A new Binance platform to launch this summer in the UK
After launching a U.S. only platform in September 2019, Binance will be launching another subsidiary in the next few months, this time in the U.K. The company announced the launch of Binance U.K. in an interview with Reuters, saying that the British subsidiary will be regulated by the U.K. Financial Conduct Authority.
The launch is an answer to an increasing demand from both retail and institutional investors in the country, Teana Baker-Taylor, the newly appointed director of Binance U.K. said.
“Interest and participation in the UK digital asset markets is growing; not just in-depth with its current participants, but also in breadth.”
Partnerships have already been established with the U.K. Faster Payments Service and the Single Euro Payments Area network, which will enable deposits and withdrawals for buying and selling digital currencies through direct bank transfers.
The platform is expected to launch this summer, but the exchange didn’t disclose the exact launch date.
65 different digital assets aimed at retail and institutional investors
When launched, the platform will enable users to trade up to 65 different digital assets, the company said. Both the design and the interface of the platform were devised to attract every kind of investor.
While institutional investors will benefit from Binance’s liquidity and global reputation, retail investors will find the company’s simple interface and easy fiat on-boarding appealing.
Binance said that both institutional and retail investors will be able to buy and sell cryptocurrencies using two different fiat currencies—the British pound and the European euro.
Baker-Taylor suggested that the platform might offer more than just trading services in the future, potentially introducing staking and passive staking in the following months.