To better serve its expanding base of institutional customers, Binance plans to introduce a whole new trading platform for digital assets in the United Kingdom in the year 2020.
Binance, the world's leading cryptocurrency exchange, has announced plans to launch a regulated cryptocurrency trading platform in the United Kingdom. This platform will be available to both institutional and retail investors.
Binance's goal in developing this trading platforms UK is to get access to the institutional investment industry and satisfy the growing demand for digital asset investments in this sector.
It has been claimed that Binance is evaluating sixty-five digital assets that it intends to list on the exchange when it first launches. According to Reuters, investors will have the opportunity to engage in direct trading of these assets against the pound and the euro.
Binance is a licenced cryptocurrency exchange, thus its bitcoin trading platforms UK will operate under the watchful eye of the Financial Conduct Authority in the United Kingdom.
The Faster Payments Service in the United Kingdom and the Single Euro Payments Area network will be utilised to facilitate direct payments and withdrawals from bank accounts on the platform. It is expected that this would make the process of trading cryptocurrencies on the platform more streamlined for all investors.
According to Teana Baker-Taylor, director of Binance U.K., as the cryptocurrency industry continues to mature, Binance is expanding the range of investment opportunities available to traders so that they may take part in the cryptocurrency market. She went on to explain that what they are developing are "products that generate a dividend for participation, like staking and passive savings."
Increase in the amount of money invested by institutions on Binance
Binance claims that its platform has seen a rise in the number of institutional clients, which has increased by 47% since the end of the fourth quarter of 2018, coupled with a concurrent rise in trading volumes.
Binance reported that the volume of institutional trades on its spot trading platform has increased by 113% during the first quarter of 2020. In addition to that, it reported a rise of 217% in the value of future investments. In light of this, Taylor stated:
"Both interests in and involvement in the UK's digital asset markets are on the rise, and this growth may be measured not just in terms of the number of present players, but also in terms of the breadth of the market."
Binance's plans to launch a trading platform for retail and institutional investors in the United Kingdom is a testament to the growing interest and demand for digital asset investments in the country. This new platform will provide greater access to these investment opportunities for both retail and institutional investors. It also signals Binance's commitment to operating under regulation, thus ensuring trust and security for all users of the platform. We look forward to seeing how this new platform will shape the future of digital asset investments in the United Kingdom.
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