Binance, one of the largest cryptocurrency exchanges was rumoured to offer fiat-crypto trading when they moved to Malta back in March this year. They were in talks with local banks and had direct partnership with the government to offer more services and bring in more business. A Binance representative confirmed the new addition to CoinTelegraph yesterday.
The representative clarified that Binance.com would remain a pure crypto-to-crypto exchange. They’d be offering a separate Malta-based exchange to offer fiat trading pairs, starting with BTC-EUR.
Binance had initially moved to Malta, fearing regulations in most of the country it is operating from. Bianance has its offices spread across the world, with most of them in Asian countries like Hong Kong, Singapore and Japan. Malta has been crypto friendly and has invited exchanges for conversations of regulating crypto. Binance had also invested over $15 Million in Bermuda and is helping the government draft crypto regulations.
It is not clear as to when the new exchange would launch, but according to a Bloomberg article, we can expect it some time later this year. Chief Executive Officer of Binance, Zhao Changpeng had also confirmed the move to add Euro trading pairs and also added that they’d be including other fiat currencies in future without mentioning which ones.
Binance is the second largest exchange with over $1.5 Billion trade volume in the last 24 hours. Binance makes up a significant part of the cryptocurrency market and their very own cryptocurrency has shown signs of their growth. The BNB token which was valued at just 10 cents last year is worth almost $16 at the time of writing this article.
The company also announced their plans to launch a decentralised exchanger to circumvent hacks and regulations. The exchange will run on their own blockchain which will be powered by the BNB token.