Binance is one of the largest trading platforms in the world, with over 1.4 million transactions per second. Today, the company announced the launch of Binance UK which is expected to happen this summer.
After the launch, UK based institutional and retail investors will be able to trade cryptocurrency using pounds and euros, for both simple and advanced transactions.
This is a piece of significant news in terms of cryptocurrencies acceptance as the Financial Conduct Authority, the Britain top tier regulator, will monitor the operations of the new platform. In a nutshell, it is like the FCA approves Binance, and for instance, the overall crypto industry.
The right move at the right time: a follow up of Binance’s recent growth
Binance is experiencing a growing number of institutional investors. Since the last quarter of 2019, the platform has seen a stunning growth of 113% in institutional volume for spot trading, while undergoing a jump of 217% for futures trading.
The company expects better numbers as London is one of the major hubs in terms of financial activity. As a matter of context, the crypto platform experienced 47.4% increase in institutional investors. So, they expect the new UK trading venue to fuel those numbers.
As said by the company’s CEO, Changpeng Zhao, “the U.K. is a significant financial epicenter with London being the second-largest financial center in the world and the leading market for foreign exchange”.
These new opportunities for new traders and broader options for participation both institutional and retail investors, raising their clientele.
According to Reuters, a survey made by Fidelity concludes that “of 800 institutional investors found that nearly 80% see the appeal of digital assets and more than one third are invested in the market”.
Binance said there will be around 65 assets available for the 2020 summer launch of Binance.UK. According to the company, clients will be able to buy and sell these digital assets, or deposit and withdraw using direct bank transfers via UK Faster Payments Service, and the Single Euro Payments Area network.
Binance.UK: to form part of the company’s ecosystem
As mentioned on this company’s website, “Binance spans an entire ecosystem”, and it will now include more options in the growing crypto market.
It is in line with their mission to “build the future with technology”. As said by the Binance.UK Director, Teana Baker – Taylor, “the U.K’s pivot role as a global fintech innovation leader has paved the way for disruptive technology to challenge traditional financial services”.
The UK would be another of the successful joint ventures, such as the ones with Singapore, USA, Uganda, Korea, and Jersey.
At the end, the crypto regulated market is gaining traction.