Binance's cryptocurrency exchange has announced plans to launch a UK trading platform that will allow institutional and retail traders to buy and sell online. Binance plans to offer trades in up to 65 digital tokens when it launches later this summer, with the platform regulated by the UK Financial Conduct Authority. The platform differs from the crypto exchange Binance currently operates in the UK by offering direct currency exchanges in pounds and euros. Users will be able to convert fiat currency to cryptocurrency using the UK's fastest Payment Service and Euro Payments Single Area network. Additionally, Binance plans to allow clients to open virtual bank accounts linked to the cryptocurrency trading network. For Binance, the launch is a way to take advantage of the growing popularity of the cryptocurrency among institutional investors. “As crypto services mature and evolve, we can create new options to spark and capture the interest of a broader audience with variable risk appetites,” said the Binance director. in the UK, Teana Baker-Taylor.
Fiat to cryptocurrency trading app
The planned UK platform is not Binance's first foray into building a cryptocurrency forex trading app, as the company currently operates similar platforms in the United States, Singapore, Korea, Uganda and the island of Sweater. In these countries, Binance's institutional investor base grew 47% YoY in Q2020 113. The volume of digital currency traded by these clients also increased XNUMX% YoY in the other. The new UK platform will initially launch with only desktop and web interfaces, but Binance plans to add a mobile app later this year. Operators will be able to choose between an interfacebásica '' con solo herramientas de compra, venta y conversión de divisas y una vista advanced '' which provides an overview of the Binance order book.