Binance To Open Crypto Exchange in UK
Last updated on November 1st, 2022 at 04:19 pm
Top cryptocurrency exchange company Binance announced its plans to launch its crypto exchange in the U.K. In the blog post, the company admitted it was excited about the prospect of extending its services to the U.K.
The platform will be built for U.K. institutional and retail investors. Apart from serving U.K. users, the platform is also poised to offer its services to European customers.
This announcement by Binance continues the trend by the company of opening various region specific cryptocurrency exchanges. These ‘regional exchanges’ have been created in an attempt by the company to comply with governmental regulations and avoid potential legal entanglements.
Binance has already moved in this direction for its U.S. based customers with the opening of BinanceUS in 2018. Read about more about that here.
According to the post, the U.K exchange platform will offer easy, fast and secure deposits and withdrawals for those who want to buy or sell digital assets using the Single Euro Payments Area (SEPA) for European customers and Fast Payment Service (FPS) for U.K. customers.
More Added Features
Apart from the provisions of a platform for the transaction of cryptocurrencies, there will be more added services as well. There will be options for users to open their virtual bank accounts, each having their dedicated account numbers and sort codes.
Also, there would be fiat-to-crypto on-ramps through debit cards. The company hopes to offer one of the lowest transaction fees in the industry when the U.K. platform is launched.
Also, users who have been verified will be allowed to transact with spot pairs with good liquidity while they leverage the advanced trading platform of the company. Binance is planning to make about 65 digital currencies available during the launch of the U.K. platform.
Changpeng Zhao (CZ), Binance CEO, commented on the development by pointing out the immense importance of the U.K. in the financial landscape.
“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,” he said.
He further stated that it’s the company’s efforts to offer more tangible financial assets through the opportunity that digital assets technology has provided. CZ hopes the exchange firm will be a springboard to the next generation of finance.
Binance Poised To Expand Crypto Reach
The Binance U.K. platform will feature both a “basic” trading interface, with simple buy, sell and convert functions. It will also offer options for an advanced market view at its Binance.com order book, offering full trading capabilities and tools.
Although the platform is launching only a web/desktop version for now, there are plans to include the mobile version later in the year.
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