The crypto exchange has placed its banner on 17 buses around the capital with messages urging passers-by to take action. “Money is evolving,” the banners read, urging people to “adapt.”
Binance confirmed it was expanding into London and the United Kingdom as a whole in general back in June. The crypto exchange has managed to obtain a licence, allowing it to operate legally in the country.
— Binance (@binance) August 30, 2020
As part of that licence, Binance must meet the same standards outlined by the Financial Conduct Authority, the financial regulator in the United Kingdom.
Similarly, Binance will have to enact Know Your Customer and Anti-Money Laundering practices and maintain the same standards.
The company will also join CryptoUK, an industry group that focuses on complying with existing legislation in the United Kingdom insofar as cryptocurrencies are concerned.
Binance has not chosen London by chance. Quite the opposite, the city has turned into a hotbed for numerous crypto firms which are now hunting for more capital. Binance has been popular with crypto gamblers looking to quickly swap cryptocurrencies.
Entering the UK market will allow more players to tap into cryptocurrencies. Binance has also introduced an in-browser crypto trade option to facilitate ease of use further.