The leading digital currency exchange, Binance, has disclosed that it will launch a crypto trading platform in the United Kingdom. The planned Binance exchange is expected to be released anytime this summer and would be open to all kinds of investors in the country.
Binance UK trading platform will be open to all investors
According to a Reuters report on Wednesday, the Binance UK trading platform will be launching for both the retail and institutional cryptocurrency investors this summer. The trading avenue is basically aimed at enabling them to purchase and sell cryptos on a more convenient platform.
The UK platform will enable the purchase and sale of digital currencies in fiat currencies like euros and pounds. Also, the withdrawals and deposits will be supported directly on the platform through bank transfers.
Following the report, the platform will be regulated by the country’s financial regulatory body known as the Financial Conduct Authority (FCA). Upon launch, the Binance UK trading platform is expected to support the transaction of about 65 digital currencies.
Binance gains more institutional players
The development is coming at the time where institutional investors in Europe are increasingly getting involved with crypto assets. Particularly in the United Kingdom, digital assets markets are seeing huge participation, according to Teana Baker-Taylor, the director of the Binance UK unit.
The launching of the Binance UK trading platform would mean more presence of institutional players on Binance exchange. The exchange noted that the number of institutional investors on its platform increased by 113 and 217 percent in the first quarter, on both the spot and futures markets, respectively, compared to the last quarter of 2018.
Meanwhile, the platform will add to the list of Binance country-specific exchanges, like Binance US. The Binance US exchange was launched solely for cryptocurrency investors and traders in the United States.
This post was last modified on June 17, 2020 11:56 am