A Binance UK Trading platform will soon be launched in the United Kingdom to serve the ever-increasing institutional and retail investors. In the latest Binance news today, we take a closer look at the exchange’s decision.
The leading crypto exchange Binance will now be expanding to the United Kingdom with a regulated crypto trading platform for the retail and institutional investors as well. With the Binance UK Trading platform, the exchange aims to tap into the retail and institutional market and meet the increasing demand for digital assets investments in this space. Binance is now reviewing 65 digital assets that are supposed to be listed on the exchange once the platform is launched. The investors will be able to trade these assets against Euros and pounds according to Reuters reports.
Being a regulated cryptocurrency exchange, the trading platform of Binance will function under the supervision of the UK Financial Conduct Authority. The platform will allow direct deposits and withdrawals from bank accounts that use the Faster payments service and the Single Euro Payments Area network. This will make the entire trading experience on the platform, smoother and simpler.
Teana Baker-Taylor, a director of Binance UK, explained that more maturity on the crypto market means that more investment options will be available for the traders to participate in the crypto market. By doing this, they will also make products that earn a yield for participation such as passive savings and stakings according to Taylor. Binance saw an increase in the number of institutional clients which increased by 47% since Q4 of 2019 along with the concomitant surge in trading volumes.
— Teana Baker-Taylor (@TeanaTaylor) May 6, 2020
The institutional volumes according to Binance, claimed an increase of 113% during the first quarter of the year which is on spot transactions. The exchange also registered an increase of an additional 217% on futures investment as Taylor said:
“Interest and participation in the UK digital asset markets is growing; not just in-depth with its current participants, but also in breadth.”
As for the Binance coin, BNB was forming higher highs since June 11 and even surged from $13 to $18. However, this ended right when BNB printed a new lower high at $17 and then continued printing new lows at $15.76. Furthermore, the drop was enforced as Bitcoin dropped yesterday from the previous $9,700 level to the $9,100 level but the Bitcoin dominance caused BNB to drop down as well.
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