Binance launching FCA-regulated spot crypto trading platform
Malta-based crypto exchange Binance has announced that it is planning to launch this summer Binance.UK – a Financial Conduct Authority (FCA) regulated platform for buying and trading cryptocurrencies with British Pounds (GBP) and Euros (EUR).
Designed for UK retail and institutional investors alike, including crypto novices, Binance.UK will also serve European customers (as FCA licenses can still be passported to other EU countries, even post-Brexit).
The company said that the Binance.UK platform will provide fast and easy deposits and withdrawals for the buying and selling of digital currencies through direct bank transfers via the UK Faster Payments Service (FPS) and Single Euro Payments Area (SEPA) network. Additional features will include fiat-to-cryptocurrency on-ramps via debit cards and options for customers to open their own virtual bank accounts, each with dedicated sort codes and account numbers, combined with some of the lowest fees in the market. Verified users will be able to trade spot pairs with deep liquidity while leveraging Binance.com’s advanced trading platform. Up to 65 digital assets are being considered to be available at launch.
“The U.K. is a significant financial epicenter with London being the second-largest financial center in the world and the leading market for foreign exchange,” said Binance CEO Changpeng Zhao (CZ). “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.”
As an affiliate of Binance, Binance.UK connects to the broader ecosystem of Binance while catering to the UK and European markets. Its localized approach and service also include active participation and engagement with local communities and governments to ensure a high industry standard and user-first model.
“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,” said Binance U.K. Director, Teana Baker-Taylor. “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.”
The Binance.UK platform features both a ‘Basic’ trading interface, with simple buy, sell, and convert functionalities, and an ‘Advanced’ market view on the Binance.com order book with its complete trading tools and capabilities. Initially launching for desktop/web, Binance.UK will provide a mobile version later this year.
Binance.UK contributes to Binance’s expanding efforts to increase convenience and access to users looking to buy and trade cryptocurrencies around the world. Binance has established joint ventures with leading global partners to create fiat-to-cryptocurrency trading platforms in Singapore, Korea, Uganda, Jersey, and the United States, with more platforms to follow across the globe. These trading platforms allow users to easily and securely buy and sell cryptocurrencies with select local currencies.