The major cryptocurrency exchange Binance confirms autumn launch of the new United Kingdom-based crypto trading platform. Reports in the Binance news now confirm a 2020 rollout which was expected by many.
An official blog post by the company shows that the UK crypto trading platform will provide GBP and EUR on/off ramps via bank transfer through the Faster Payments service in UK, as well as the equivalent function in Europe which is the Single Euro Payments Area (SEPA) network.
Now, Binance confirms autumn launch and says that that payments sent through Faster Payments are instant but can take up to two hours in some cases. Moreover, the maximum default transaction limit will be £250,000 or $316,000 but individual organizations can also set their own limits.
A blog post from Binance shows that up to 65 digital assets will be available upon the launch of the UK exchange. However, at this moment, there is no indication of which cryptocurrency assets will make the cut.
The CEO of the exchange, Changpeng Zhao, was in the crypto news as he spoke of the importance of leveraging the UK and European markets in expanding the exchange’s growth. He said:
“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.”
Zhao also went on to say that Binance confirmed the launch of a new crypto trading platform – but also about the launch of Binance UK as a foundational step to the future of cryptocurrency in this region. He cited the crypto-friendly stance that the country has as the main reason:
“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.”
Meanwhile, the launch of Binance US in September 2019 was met with much confusion coming from the United States authorities. The different state laws in 13 US states created a lot of problems for the exchange and its plans in America.
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