As Binance.UK prepares to join CryptoUK, it has promised to spread the standards spelt out by the group.
Binance.UK will soon be a part of CryptoUK as one of the organizing members.
It will be a part of the team with other crypto giants including Coinbase, Ripple, and CryptoCompare. Together with governments in the U.K, CryptoUK intends to have a regulatory framework for crypto firms in the UK.
CryptoUK started two years ago and since then, it has always required its members to uphold its rules concerning crypto activities.Binance.UK thinks CryptoUK’s standards should be well enforced and for this it has decided to join the body as an executive. According to the group’s Chair, Ian Taylor:
“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.”
Binance started rendering its services to UK residents in June and it has a plan to start a licensed exchange platform in the autumn. According to the director of Binance.UK, Teana Baker-Taylor:
“Self-regulating bodies play a key role in developing […] best practices, as well as building consumer confidence. Associations like CryptoUK help to facilitate meaningful discussion and education with policy makers, which enables the development of more informed policies that are more effective in supporting both the industry and consumers.”
It is easy to buy and sell cryptocurrencies on Binance.UK and this can be done with bank deposits, GBP, and euros. Binance.UK was designed to appeal to both learners and experienced crypto users.