The leading cryptocurrency exchange, Binance, will launch a trading platform in the United Kingdom this summer, a recent report informed. It will allow both retail and institutional investors to use the platform, which will be regulated by the UK Financial Conduct Authority.
Binance Goes To The UK
According to today’s Reuters report, the popular cryptocurrency exchange will begin operations in the UK this summer with up to 65 digital assets initially and more to be added in time.
The UK-based platform will allow deposits and withdrawals for buying and selling cryptocurrency directly through bank transfers via the UK Faster Payments Service and the Single Euro Payments Area network.
“Interest and participation in the UK digital asset markets are growing, not just in-depth with its current participants but also in breadth. As crypto services mature and evolve, we are able to create new options and capture interest from a wider audience with varying risk appetites, such as products that earn a yield for participation, like staking and passive savings.” – Said Binance UK Director Teana Baker-Taylor.
The company also outlined the increasing interest coming from institutional investors. The report cited Binance by informing that their number has grown by nearly 50% in Q1 2020 compared to Q4 2019.
A recent survey compiled by Fidelity supported this narrative as 36% of all institutional investors participating had noted that they own Bitcoin or other cryptocurrencies. Interestingly, the percentage was higher in Europe than in the US, which could also urge Binance to open a UK-based platform.
Futures And Options Volume On The Rise
Today’s report also presented Binance’s numbers regarding volume for both spot and futures trading. Comparing Q1 2020 to Q4 2019, the spot volume has surged by 113%.
According to recent research, the trading volume of cryptocurrency derivatives is increasing across most of the exchanges, reaching an all-time high of $602 billion in May. Binance Futures has already surpassed BitMEX, which was an established authority in this regard over recent years.