Global blockchain firm and ecosystem giant Binance has revealed it will launch a cryptocurrency trading platform in the United Kingdom in the third quarter of the year.
The platform according to Binance was designed to allow the purchase of cryptocurrencies using the pounds and the euros by both institutional and retail investors. Binance also disclosed the platform will be regulated by the UK Financial Conduct Authority.
The trading platform will feature upto 65 cryptocurrencies at launch and will provide deposits and withdrawals for buying and selling digital currencies through direct bank transfers via the UK Faster Payments Services and the Single Euro Payments Area network.
https://twitter.com/binance/status/1273220420326449153?s=19
The Binance UK Director Teana Baker-Taylor speaking to Reuters on this said “Interest and participation in the UK digital asset markets is growing; not just in-depth with its current participants, but also in breadth”. She went further saying “
She went further saying “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”
Acquisitions & Launch in other territories
The launch of the UK Binance trading platform comes as Binance is increasingly flexing its muscles by expanding across the continents. Some months ago, Binance launched its Ugandan trading platform, the Singaporean trading platform, Korean Jersey and the Binance US trading platform.
Aside these expansion moves, Binance has also acquired several firms over the last 12 months and recent amongst this is the popular cryptocurrency market data aggregator CoinMarketCap which was hinted to have been acquired for about $400 million.
Institutional Client Interest
According to Binance, institutional clients has increased their presence on the Binance trading platform and by the first three months of 2020, it has seen an increase of 47.4% up from the last quarter of 2019.
Volumes in the from institutional clients in spot trading also saw an increase of 113% in their first quarter of 2020 up from 2019 last quarter. In the same period, Binance also claimed its institutional clients also saw a 217% in the futures market.
Volumes in the from institutional clients in spot trading also saw an increase of 113% in their first quarter of 2020 up from 2019 last quarter. In the same period, Binance also claimed its institutional clients also saw a 217% in the futures market.
