Binance Gears Up To Set Foot In The UK This Year

Binance is the world’s largest crypto exchange by volume. Over the years it has grown rapidly and has garnered a dedicated community of crypto enthusiasts.

In recent years, Binance has reached its peak by making some innovative decisions and a utility token (BNB) which has seen huge growth in its usage and value.

The Binance Exchange is also known to expand aggressively and a recent Reuters report stated that the exchange is now preparing to set foot in the UK.

According to a June 17 report, Binance is poised to launch a cryptocurrency marketplace platform in the UK this year. The platform has been designed to allow buying and selling of cryptocurrencies using local fiat currencies Pounds and Euros.

The exchange will be regulated by the Financial Conduct Authority of the UK.

Developed with institutional and retail investors, Binance UK will launch 65 digital assets ready to trade. The platform will also allow direct bank deposits and withdrawals of funds via the UK’s Faster Payments Service and the Single Euro Payment Area network.

Teana Baker Taylor, Director at Binance UK commented:

“Interest and participation in the UK digital asset market is growing; not only in-depth with current participants, but also breadth. “

“As crypto services mature and evolve, we can create new options to engage and capture interest from a wider audience with diverse risk appetites. Like products that generate returns for participation, such as staking and passive saving,” he added.

The company also notes that they have seen an increase in the number of institutional clients over the past year. The number of institutional clients added in the first quarter of 2022 grew 47.4% from the last quarter of 2022.

Institutional client volume has also jumped 113% compared to the previous quarter on spot deals, while the futures market saw a 217% increase.

Earlier this year Binance entered the Indian market with allegations that one of the largest local exchanges was dubbed WazirX. This marks the first time Exchange India has been acquired by an international Exchange.

Back in March, the company announced the launch of Binance KR, a South Korean crypto-to-crypto exchange, as the first global use case of its newly launched service, Binance Cloud.

The company recently announced that it will be launching its DeFi lending platform Kava on the Binance Exchange. Which allows BNB holders access to DeFi services.

The new platform will feature connectivity with Binance Chain, enabling BNB users to use tokens as collateral to mint USDX Stablecoin collectors

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