Binance to launch regulated UK exchange ahead of deadline

By Liam Frost

Cryptocurrency exchange Binance today announced that it will launch a trading platform in the United Kingdom this summer.

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.

“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.

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