Top crypto exchange Binance is starting to drum up some anticipation for its launch in the United Kingdom. Last week, the exchange showed a new ad blitz that it has taken to the streets of London, where it touted Bitcoin and its business.
Taking Over London
In a tweet, Binance showed off a new bus stop that it had emblazoned with its logo. The ad, which featured the company’s brand identity, came with a message saying:
“Bitcoin is taking over London. It’s time to adapt.”
The ad headlines Binance’s upcoming push into the U.K. — a top financial location that the exchange has been trying to enter for months. The company first gave a hint of its expansion into the U.K. in May, when it hired Teana Baker-Taylor, a former banking and FinTech executive, to lead its U.K. and European arm.
Taylor has over 20 years of industry experience, serving in companies like HSBC, Citi, and the Royal Bank of Scotland. She also served as the executive director of U.K.-headquartered blockchain and digital assets industry body Global Digital Finance. Her addition showed that Binance was serious with its U.K. push, although industry insiders still didn’t know when that would be.
Binance Ready for the U.K. Market
Binance eventually confirmed the U.K. entry in June. According to a Reuters report, the exchange will launch a regulated trading platform that will cater to both retail and institutional investors. Quoting Taylor, Reuters explained that the exchange would most likely launch with 65 digital assets. Investors will have access to these assets and be able to trade them against the euro and pound.
Binance will also incorporate U.K.-based services into the platform. It would serve under oversight from the Financial Conduct Authority (FCA) and will allow direct deposits and withdrawals from bank accounts using both the Single Euro Payments Area Network and the Faster Payments Service.
The exchange is also making regulatory preparations for its U.K. entry. Last week, it reportedly joined CryptoUK, a self-regulating trade association for the British cryptocurrency industry.
CryptoUK was established in 2018. It promotes a code of conduct for its members to create a healthy market for all players. It also works with government policymakers to develop a regulatory framework for digital assets in the area. That last bit is incredibly vital, as the FCA has recently been taking steps to improve its oversight of the U.K.’s crypto agency.
Binance will be joining members like CryptoCompare, Ripple Labs, and Coinbase. Binance.UK will be hoping to take a more proactive role in updating the body’s code of conduct to ensure that it delivers its best practices. Sharing his excitement at Binance’s entry into the agency — and the U.K.’s crypto agency, CryptoUK Chairman Ian Taylor said:
“Binance.UK will bring significant local and global expertise to our Executive Committee and initiatives. We look forward to working with them to help develop a supportive regulatory framework for cryptoasset businesses and customers in the U.K.”