Binance Customers Can Now Buy Bitcoin with GBP

News / 19.06.2020

The renowned cryptocurrency exchange Binance is now supporting Great Britain Pounds (GBP) trading pairs on its main exchange, just two days after announcing a UK-based trading platform.

On June 19, Binance announced the availability of 5 new trading pairs. The pairs to go live at 10:00 am (UTC) on June 19 include BTC/GBP, ETH/GBP, XRP/GBP, BNB/GBP and GBP/BUSD.

“Binance will open trading for BTC/GBP, ETH/GBP, XRP/GBP, BNB/GBP and GBP/BUSD trading pairs at 2020/06/19 10:00 AM (UTC). Please note: The GBP is a national currency and does not represent the ticker of other existing digital assets.”

Hence, this represents addition to the exchange’s existing roster of fiat currencies, including the euro, the Ruble and the Turkish lira. At the moment, it is possible for citizens of United Kingdom to convert fiat to cryptocurrency on the exchange’s platform via Binance Jersey. Binance Jersey has low tax rates and its location is between England and France.

However, trading volume on Binance Jersey platform ($320,955, according to CoinGecko) within the previous 24 hours on June 19 is still low relative to Binance ($4 billion, according to CoinMarketCap), suggesting that the former is not quite popular.

The five cryptocurrencies listed on Binance Jersey platform include Bitcoin, Ethereum, Binance Coin, Litecoin and Bitcoin Cash. According to Binance’s announcement of June 17, the UK exchange will go live this summer with consideration for the addition of 65 cryptocurrencies.

According to the stipulations of the anti money-laundering regulation implemented in January 2020, the new exchange is regulated by the UK’s Financial Conduct Authority. Retail and institutional investors are the targets of the new exchange and it will utilize European and British payments services in speeding up withdrawals and deposits of the EUR and the GBP

Binance.US which was introduced towards the end of last year is a narrowed version of Binance and it complies with domestic regulation. Data from CoinGecko says it recorded a trading volume of $15 million within the previous 24 hours.

Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.