Binance exchange confirms expansion in the UK as it announces a tentative launch this summer. The platform will be regulated by the UK Financial Conduct Authority (FCA). By August this year, it will allow conversion between crypto to pounds and euros.
It plans to add 65 cryptocurrencies on the platform. The US counterpart, Binance.US, has 34 cryptocurrencies with Catherine Coley leading there. The Binance team has appointed another women executive at the helm which represents a progressive culture. Teana Baker-Taylor, formally with HSBC and CMO of Coinfloor exchange has joined as the director of the UK branch. She told the media,
“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,”
Binance is already a global exchange platform for crypto-to-crypto trading. The addition in specific countries implies fiat-to-cryptocurrency exchange. Currently, it facilitates direct FIAT to crypto exchange in Singapore, Korea, Uganda, Jersey and the United States.
Recently, Binance completed three years of its first whitepaper of the Binance [BNB] Coin and exchange in June 2017. CZ tweeted,
Feels like yesterday!
We raised $15m (USD equivalent) 3 years ago, have already burned $543m to date, and still a long way to go.
The addition of regulated crypto-to-FIAT is also a threat to the current leader in the space, Coinbase. The revelations of surveillance and coalition with the U.S. government hasn’t been well received in the crypto community. The increasing number of regulated alternatives to it is further threatening to Coinbase’s dominance, but positive for the entire industry.
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