The crypto exchange Binance expands to Europe and is going to open its digital asset trading platform in the United Kingdom.
According to an official announcement on June 17, one of the biggest crypto exchanges Binance will launch its digital asset trading platform in the UK this summer. The company stated that the new trading platform will also serve European customers.
By launching its European affiliate Binance is seeking to establish itself in the European market to challenge traditional financial services. As claims the Binance UK director Teana Baker-Taylor:
The U.K.’s pivotal role as a global fintech innovation leader has paved the way for disruptive technology to challenge traditional financial services. We’re excited to become part of this vibrant ecosystem.
The platform called Binance UK will be regulated by the Financial Conduct Authority (FCA), the main local financial industry regulatory authority. Reportedly, it will be customized for both retail and institutional investors and allows buying and trading cryptocurrencies with British Pound (GBP) and Euros (EUR).
According to Binance, the European affiliate will also provide deposits and withdrawals for buying digital assets through direct bank transfers via the UK Faster Payments Service (FPS) and Single Euro Payments Area (SEPA) network. As it is known, Binance will start its UK trading platform with up to 65 digital assets to be available.
The new trading platform will be led by the ex HSBC’s global head of client strategy Teana Baker-Taylor and is expected to be released later this summer.
Interesting for institutional investors
The whole cryptocurrency industry is facing the growing interest from institutional investors for some time already. According to a Reuters report, nearly 80% of around 800 institutional investors find digital assets as an attractive form of investment. Furthermore, more than one-third of them are already invested in virtual currencies.
Reportedly, Binance cryptocurrency exchange is also witnessing the growing number of institutional clients that are using its platforms. The exchange claims that it got 47.4% more institutional clients during the first three months of 2020 compared to the last quarter of 2019. Meanwhile, the volumes of institutional clients grew by 113% for spot trades and accordingly by 217% for futures trades during the same period.