Binance to Launch UK Crypto Exchange to Meet Client Demand
Nicholas Otieno Jun 18, 2020 03:55
Binance, the leading cryptocurrency exchange has announced that it will launch a regulated crypto trading platform in the UK, in the coming months. Binance.UK is planning to create a trading platform to allow retail and institutional investors to sell and buy cryptocurrencies using euros and pounds.
Binance, the leading cryptocurrency exchange has announced that it will launch a regulated crypto trading platform in the UK, in the coming months. Binance.UK is planning to create a trading platform to allow retail and institutional investors to sell and buy cryptocurrencies using euros and pounds.
The trading platform will be regulated by the UK’s Financial Conduct Authority (FCA). The crypto exchange is intending to support 65 digital assets that can be traded on the platform.
Derivatives markets heat up
Institutional interests in crypto assets have risen. Recently Fidelity Digital Assets (FDA) surveyed 774 institutional investors and identified that almost 80% are interested in digital assets and more than 30% have invested in the market.
The UK platform will offer withdrawals and deposits for selling and buying digital currencies through direct bank transfers via the Single Euro Payment Area network and the UK Faster Payment Service. Teana Baker-Taylor, Binance UK Director said:
“Interest and participation in the UK digital asset market is growing, not just in-depth with its current participants, but also in breadth.” She said that as cryptocurrency services evolve and mature, the company is keen to develop new options to capture and engage interests from a wider audience with various services and products, which earn interest for participation, such as staking and passive savings.
Over the years, Binance has created joint ventures with key global partners to provide trading platforms designed to meet the regulatory requirement of a specific country, like Binance.US as well as the use of local fiat currencies. For example, local exchanges of the firm are active in the United States, Uganda, Singapore, Korea, and Jersey.
Binance stated that institutional clients have risen in their presence in its trading platform. The company has attracted more institutional clients, an increase of 47.4% in the first quarter of 2020 compared to the last quarter of 2019. The number of its institutional clients has also increased by 217% for future trades and 113% for spot trades in the first quarter of 2020 as compared to the last quarter of 2019.
Binance unveiled Bitcoin Quarterly Futures
The crypto derivatives market has made strong headlines in recent months because of increasingly high volumes. New all-time-highs have been seen since the first month of this year. New traders have entered the market and new products have been introduced.
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