Cryptocurrency exchange Binance today announced that it will launch a trading platform in the United Kingdom this summer.
#Binance Announces FCA-Regulated Trading Platform for the UK 🇬🇧
Through @BinanceUK, users will be able to buy and sell digital currencies using direct bank transfers via the UK Faster Payments Service (FPS) and Single Euro Payments Area (SEPA) network.https://t.co/CvMqwvFPGP
The platform will be aimed at both retail and institutional investors and support up to 65 digital assets at launch, which are currently under consideration. UK customers will be able to buy and sell crypto using Great British Pounds and the Euro, stated the announcement.
“Interest and participation in the UK digital asset markets is growing; not just in-depth with its current participants, but also in breadth,” said Teana Baker-Taylor, director of Binance UK.
With this platform, Binance is meeting upcoming regulatory demands. On January 10, the EU’s Fifth Money Laundering Directive (MLD5) moved into UK domestic law. Under the amendment, crypto exchanges working in the UK now must register with the UK Financial Conduct Authority (FCA) by January 10, 2021.
“A business must comply with the MLRs in relation to cryptoasset activities. FCA have powers to supervise and enforce under the MLRs. New businesses need to be registered before they can carry on cryptoasset activity,” stated the regulator.
Up until now, Binance was serving UK citizens and accepted deposits in GBP via UK credit cards and its fiat-to-crypto platform Binance Jersey.
Baker-Taylor confirmed that Binance UK will be regulated by the FCA, adding that the platform will support direct bank transfers using the UK Faster Payments Service and the Single Euro Payments Area network.
Binance CEO Changpeng Zhao kicked off the Ethereal Virtual Summit today, in an interview with podcaster Laura Shin. The talk explored the wider ecosystem and Binance's roll in it before zeroing in on the class-action lawsuit the exchange is involved in as well as uncertainty over where Binance is officially and legally based.
WATCH NOW: Ethereal Virtual Summit 2020 Live Stream
Bitcoin doesn’t have an office
Shin asked Zhao about Binance’s office in China which was shut down following a visit by...
“As crypto services mature and evolve, we’re able to create new options to engage 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,” she told Reuters.
This will join Binance’s regulated US entity—which even Star Trek actor William Shatner has been tweeting about.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
A school in Scotland has said it will be the first in the UK to start accepting Bitcoin payments.
Lomond School in the town of Helensburgh said that it made the choice to accept the cryptocurrency after a number of parents—both local and foreign—made the request, The Times reported.
The private boarding school has a number of international students.
To "manage and mitigate risk," the school said it would start accepting the biggest cryptocurrency in phases, and would convert digital coins rec...
BlackRock’s spot digital asset-focused funds generated net inflows for a fifth consecutive quarter, but the value of those assets tumbled by 9% as the price of Bitcoin and Ethereum slumped, the company said in its latest earnings release.
As of March 31, the world’s largest asset manager held $50.3 billion worth in ETF digital assets, about $5 billion less than in the previous quarter, according to the release.
Still, among asset managers, BlackRock remained the leader in inflows with the iShare...
Ripple Labs and the U.S. Securities and Exchange Commission have jointly filed a request to suspend their respective appeals as they “pursue a negotiated resolution” of their long-running case.
As detailed in a filing submitted yesterday to the U.S. Court of Appeals for the Second Circuit, the two parties have already reached an agreement-in-principle, with Ripple CEO Brad Garlinghouse revealing last month that the SEC would be dropping its appeal.
Yesterday’s application represents the first of...