Binance is one of the leading cryptocurrency exchanges in the world. Now the company has decided to expand its horizon and enter the United Kingdom. It has launched a regulated crypto trading platform for institutions as well as retail investors in the UK.
With the new expansion project, Binance envisions to leverage the massive institutional invest market and cater to the constantly growing need for digital asset investment. Currently, it is reviewing approximately 65 digital assets that might on the exchange during the launch. Investors will be able to trade on these assets against pounds and Euros.
Since it is a regulated exchange, Binance will adhere to the guidelines of the UK Financial Conduct Authority. Users can leverage direct deposits, as well as withdrawal from banks, account via the UK Faster Payments Services along with Single Euro Payments Area network. This will allegedly make the crypto trading experience more streamlined for investors.
— Binance (@binance) June 22, 2020
What the Founders Have to Say?
The director of Binance UK, Teana Baker-Taylor, said that with the cryptocurrency market being more maturity, Binance is setting more investment options for traders to advance in the crypto market. They are establishing products that would acquire a yield for users. The UK is deemed as the international fintech leader that has enabled robust technologies to constantly challenge and optimize conventional financial services. Binance is enthralled to become a part of this expansive landscape.
Changpeng Zhao (CZ), the CEO of Binance, said that the UK is a prominent financial centre where London is considered the second-largest financial region in the world and leads the market for foreign exchange. In an attempt to facilitate local market expansion across the glove to extend tangible financial access via the potentials of digital assets and technology, the UK stands at the top, driving higher interests throughout Europe. Mr Zhao expects Binance.UK to serve as the stepping stone for the future of finance.
Binance.UK liaises with a more extensive spectrum of Binance while facilitating services to the UK and European markets. By incorporating local approach, Binance will provide services like active participation and communication with local government and communities. This will allow the exchange to ascertain high industry standards as well as user experience.
The new platform comes with two interfaces. One of the basic trading view that includes standard buy sell and converts features, whereas the advanced market interface is equipped with a wide range of tools and functionalities. While initially, Binance.UK was launched for desktop/web; users will get a mobile version in 2020 as well.
Binance.UK will allow Binance to increase accessibility and convenience to the users who are looking to invest and trade in cryptocurrencies across the globe. It has built many joint ventures with esteemed global entities to generate fiat-to-crypto currency trading platforms in Korea, Singapore, United States, Jersey, Uganda, and Singapore. The team, as of now, is planning to further expand its reach around the world. These platforms will enable users to invest and trade in cryptocurrencies using local currencies.
Binance is one of the leading cryptocurrency exchange that supports more than 100 coins and facilitates easy deposits and withdrawal. The competitive rates offered by Binance are among its prominent features. It accepts users from across the globe and has garnered many positive reviews from them. Binance was launched in the year 2017 in Hong Kong. The company came into formation after it raised $15 million in its ICO.
With its new affiliate Binance UK, the exchange aims to offer high liquidity as well as hassle-free deposit and withdrawal in the UK and Europe. It will allow the expansive UK market to leverage the robust technology of its trading platform and make trading in digital currencies more effective.