Binance to Launch Fiat-Crypto Trading Platform for UK Residents
Binance is reportedly preparing to, later this summer, launch a dedicated crypto trading platform for UK residents. According to a report, the platform “was designed to allow both institutional and retail investors to buy and sell cryptocurrencies using pounds and euros," and it will be regulated by UK's Financial Conduct Authority (FCA).
Binance is looking to add support for up to 65 cryptoassets at launch, and the platform will support deposit/withdrawals for buying/selling of crypto via UK's Faster Payments service for GBP transfers and Single Euro Payments Area (SEPA). Teana Baker-Taylor, who joined Binance as its UK director in May, was quoted as 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.”
In a blog post published last month, Binance had hinted at the new exchange, saying its new UK director would be “developing Binance’s presence in the U.K. and leading expansion across the European region.”
