Binance will launch a digital asset trading platform in the UK. It will target both retail and institutional investors. The unit will be regulated by the local FCA regulator, reports Reuters.
Binance.UK will support 65 crypto coins, which will be denominated in euros and pounds. Deposits and withdrawals will be made through the fast payment services of the UK and the Single payment zone in euros. The head of the new unit is the former head of Coinfloor oldest crypto exchange, Teana Baker-Taylor.
CEO Binance.UK in an interview said that the adoption of cryptocurrencies is growing in the UK. As the market moves to maturity, they will have the opportunity to create new products, such as staking and passive investments.
According to the Binance report, in the first quarter, the number of its institutional clients increased by 47.4% compared to October-December 2010. Trading volumes on its platforms of this category of traders over the past quarter increased by 113% in spot transactions and by 217% in operations with bitcoin derivatives.