- Binance UK will launch this summer
- The platform will allow euro and pound sterling deposits and withdrawals
- British traders have always been allowed to use other Binance platforms, but withdrawing in sterling has been very difficult
Binance will launch a UK site within weeks, according to the company’s UK Director Teana Baker-Taylor. Binance UK, which will support euro as well as pound sterling transactions, is slated to launch during the British summer, which puts the timeframe at anywhere up to ten weeks, and illustrates Binance’s continued global expansion.
Binance Welcomes UK Traders
Reuters broke the news early yesterday, with Baker-Taylor praising the country’s growing acceptance of cryptocurrency, stating that, “Interest and participation in the UK digital asset markets is growing; not just in-depth with its current participants, but also in breadth.”
Binance UK will be regulated by the country’s financial watchdog the UK Financial Conduct Authority, who earlier this year warned UK traders to be “especially wary” of BitMEX, one of Binance’s competitors in the leverage trading market. Reuters reports that up to 65 cryptocurrencies are being considered for launch, although there is no suggestion yet of what these might be.
Binance UK to Offer Sterling and Euro Deposits/Withdrawals
Binance UK will provide deposits and withdrawals through direct bank transfers via the UK Faster Payments Service and the Single Euro Payments Area network, finally making it easy for British traders to withdraw their funds from the platform. Given that Binance has launched separate entities for users as far afield as Uganda and as close as Jersey, British crypto fans may have thought that their time wasn’t coming, but Binance has finally got the relevant licenses to operate in the country.
Unlike in other countries, British crypto traders are not banned from using the standard Binance platform, but the process of depositing and withdrawing from British banks has always been difficult. Now, with the launch of Binance UK, this inconvenience has finally been overcome – if your bank allows it.