Binance has announced the future launch of a new trading platform regulated by the UK’s Financial Conduct Authority (FCA). It is called Binance UK.
The new platform will be launched in summer 2020, and will allow the purchase and trading of cryptocurrencies with British Pounds (GBP) and Euros (EUR).
The new platform is designed for both institutional and retail investors in the UK, including those taking their first steps in this market, and will feature both a “Basic” interface, with very simple buying, selling and conversion functionality, and an “Advanced” trading interface similar to Binance’s order book, with comprehensive trading tools.
Initially, it will only be available via the web, but by the end of the year, the mobile version should arrive.
Binance is not new to similar initiatives, as it has already launched other platforms specifically designed to meet the regulatory requirements of a specific country in the past, such as Binance.US, and the use of local fiat currencies.
In fact, local exchanges of the company are also active in Singapore, Korea, Uganda and Jersey.
The new platform will provide quick and easy deposits and withdrawals for the purchase and sale of digital currencies through direct bank transfers via the Faster Payments Service (FPS) or Single Euro Payments Area (SEPA) networks. Additional features will include debit card purchases, and options to allow customers to open virtual bank accounts.
Verified users will be able to use the platform to make spot exchanges with 65 digital assets.
The CEO of Binance, Changpeng CZ Zhao, said:
“The U.K. is a significant financial epicenter with London being the second-largest financial centre 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”.
The Director of Binance in the UK, Teana Baker-Taylor, added:
“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”.