|Jun 12, 2018 04:21 PM||By: Jinia Shawdagor | 3005 Views|
Binance, one of the most significant cryptocurrency exchanges was rumored to allow fiat-crypto trading when they traveled to Malta back in March this year. They were in discussions with local banks and had a direct partnership with the government to offer extra services and bring in more business. A Binance spokesperson approved the new addition to news channel yesterday.
The spokesperson clarified that Binance.com would remain a simple crypto-to-crypto exchange. They’d be contributing a separate Malta-based exchange to give fiat trading pairs, starting with BTC-EUR.
Binance had initially been moved to Malta, fearing regulations in most of the country it is operating from. Bianance has its facilities spread across the world, with a maximum of them in Asian countries like Hong Kong, Singapore, and Japan. Malta has been crypto friendly and has requested exchanges for conversations of regulating crypto. Binance had also invested over $15 Million in Bermuda and is supporting the government draft crypto regulations.
It is not transparent as to when the new exchange would launch, but according to a Bloomberg article, we can suppose it sometime later this year. Chief Executive Officer of Binance, Zhao Changpeng had also approved the move to add Euro trading pairs and also announced that they’d be including another fiat currencies in future externally mentioning which ones.
Binance is the 2nd largest exchange with covering $1.5 Billion trade volume in the last 24 hours. Binance makes up a vital part of the cryptocurrency market, and their very individual cryptocurrency has shown signs of their growth.
The company also stated their plans to launch a decentralized exchanger to avoid hacks and regulations. The exchange will operate on their blockchain which will be powered by the BNB token.