Leading cryptocurrency exchange Binance is planning to launch a trading platform in the United Kingdom later this summer, Reuters reported Wednesday.
The new exchange, which will be regulated by the UK Finance Conduct Authority (FCA), would allow both institutional and retail investors to buy and sell up to 65 crypto assets.
According to the announcement, the platform will support deposits and withdrawal through bank transfers via processors like the Single Euro Payments Area network and the UK Faster Payments Service.
Institutional interest in crypto
Binance said it considered the interest of institutional investors and clients in its plans to launch the UK trading platform. According to the company, they had noticed a surge in the number of institutional interest in cryptocurrencies.
Speaking to Reuters, Teana Baker-Taylor, the Binance UK director was quoted saying:
“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.”
Promoting the freedom of money
Binance is the largest crypto exchange by trade volume and userbase. Launched in 2017, the company is constantly promoting the adoption of cryptocurrencies by giving users from around the world easy access to digital assets through the integration of multiple fiat-to-crypto trading features.
Just recently the Binance announced that its native token, Binance Coin (BNB), is now easily at 33 crypto Automated Teller Machines (ATMs) located in two Asian countries.