Binance seems to be preparing the UK for the upcoming launch of its new dedicated crypto trading platform for UK residents.
On June 17, Binance announced the upcoming launch of Binance.UK, a new entity regulated by UK’s Financial Conduct Authority (FCA) that would be operating a new UK-focused cryptoasset trading platform where users could pay with with British Pounds (GBP) and Euros (EUR). Originally, the launch was planned for late summer, but it appears now that the launch is set for this autumn.
Binance went on to say that this marketplace would provide access to fast and easy deposits and withdrawals for the buying and selling of digital currencies through direct bank transfers via the UK Faster Payments Service (FPS) and Single Euro Payments Area (SEPA) network.
It also said that “additional features will include fiat-to-cryptocurrency on-ramps via debit cards and options for customers to open their own virtual bank accounts, each with dedicated sort codes & account numbers, combined with some of the lowest fees in the market.”
Binance Co-Founder and CEO Changpeng Zhao (aka “CZ”) said at the time:
“The U.K. is a significant financial epicenter with London being the second-largest financial center in the world and the leading market for foreign exchange.
“As part of our local market growth efforts around the world to bring more tangible financial access through the power of digital assets and its technology, the U.K. is at the forefront of spurring larger interest in the region and throughout Europe.
“We hope Binance.UK will serve as a stepping stone for the next generation of finance.”
Then, last Thursday (August 27), Binance announced that Binance.UK had joined CryptoUK, “the UK’s self-regulatory trade association representing the cryptoasset sector” (launched in early 2018), as an Executive Member:
“Binance.UK will assume a seat on the CryptoUK Executive Committee, alongside Coinbase, Coin Shares, CryptoCompare, eToro, and Ripple. Together this group of industry experts and stakeholders collaborate to lead the Association’s strategic direction. This includes the Association’s Code of Conduct, policy positions, and governance to ensure the U.K. fulfills its global leadership potential in this quickly developing and expanding industry.”
Then, on Friday (August 28), Binance.UK started a #TakingOverLondon campaign on Twitter. Binance had placed ads promoting Bitcoin as the next evolution of money at various bus shelter locations throughout London, and if you were one the first 70 people to tweet (using the aforementioned hashtag) a selfie taken at one of these locations, you could win Binance swag:
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