Malta-based cryptocurrency company Binance has confirmed it is planning to launch a new UK-based platform this summer. 

Though the new regulated crypto trading platform will cater for retail investors, it is primarily aimed at meeting the rising demand from institutional clients. 

According to Reuters, Binance is reviewing 65 digital assets for listing at launch, and investors will be able to trade them directly against both pounds and euros. 

The UK platform, that will be regulated by the Financial Conduct Authority (FCA), will enable direct deposits and withdrawals from bank accounts via the UK Faster Payments Service and the Single Euro Payments Area Network. 

Commenting on the planned launch, Binance UK Director, Teana Baker-Taylor, said:

“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. 

“Aligned to our Binance mission of increasing the freedom of money globally, Binance.UK will enable U.K. and European customers to participate in the ever-growing crypto and digital assets market with greater confidence through a regulated platform, with access to secure and convenient payment rails at a competitive price.”    

Binance has reported a 47% surge in the number of institutional clients since the last quarter of 2019, while institutional volumes have apparently rocketed by 113% during the first quarter of 2020 on spot transactions. 

AYO.NEWS says:

This seems like a timely move from Binance. With the world looking set for a prolonged period of economic instability, which will be compounded if there are further waves of COVID-19 and new lockdowns, plus the spectre of the ‘Brexit affect’ really kicking in at the start of 2021 when the transition period ends, we reckon it’s a pretty safe bet that the institutional demand for crypto services in the UK will accelerate further over the coming years. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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