The cryptocurrency exchange Binance will launch a crypto trading platform for UK citizens this summer. At the start, the users will able to trade 65 different digital assets; further assets will add with time.
The trading platform will target both retail and institutional investors, Reuters reported. Regulated by the UK Financial Conduct Authority, the two payment processors (UK Faster Payments Service and the Single Euro Payments Area network) will allow users to deposit and withdraw funds via bank transfers throughout the United Kingdom.
Institutional Growth on Binance
According to Binance, the company has seen the institutional’s interest in its trading site more than ever. The company records a growth of 47.4% in the first quarter of 2020 from the last quarter of 2019.
Recently, the financial giant Fidelity reached 800 institutional investors and found out the interesting fact that 80% of the investors appeal towards digital assets, and one-third of these had directly invested in digital assets.
The Binance also said that the volume of institutional clients has increased by 113% in the first quarter from the previous quarter on spot transactions, while futures volume has surged by 217%.
Binance UK Director Teana Baker-Taylor said:
“Interest and participation in the UK digital asset markets is growing; not just in-depth with its current participants, but also in breadth. 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.”
Per Binance Blog, Binance CEO Changpeng Zhao said:
“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. As part of our local market growth efforts around the world to bring more tangible financial access through the power of digital assets and its technology, the U.K. is at the forefront of spurring larger interest in the region and throughout Europe. We hope Binance.UK will serve as a stepping stone for the next generation of finance.”
Binance has established various crypto trading platforms with the collaboration of global leading companies in countries, including the United States, Korea, Jersey, Singapore, and Uganda.