Binance, the world’s largest crypto exchange, has revealed plans to allow customers to convert digital coins into fiat currencies such as the Euro. According to CEO Zhao Changpeng.
At press time, Binance held the second spot on Coinmarketcap’s overall list of exchanges, with over $1.3 bln in trading volume over the last 24 hrs.
As reported by Bloomberg, the crypto exchange will allow their users to convert digital tokens to euro later this year from its Malta operations base. Zhao further stated that he considers adding other fiat currencies in future.
Currently, Binance users typically have to purchase high cap coins like ETH or BTC on Exchanges like Coinbase and then withdraw funds to other crypto exchanges to buy altcoins, all which wastes a lot of time and money in the fast-paced world of cryptocurrency trading. The fiat trading pair (BTC/euro) option would open up the crypto market to many new traders put off by the inaccessibility of the present system.
The exchange has shown itself to be a forward-thinking company with strategies for long-term growth, this was attested by their recent announcement of their plans to relocate their operations to Malta to escape regulatory pressure in Japan.
A week ago, Zhao revealed that Binance has already opened a bank account in Malta describing the move as a “very significant” development since the crypto exchange first announced it was relocating its headquarters to the crypto friendly island. Binance chief further revealed his plan to expand to Uganda and Asia.
Binance today signed a memorandum of understanding with Digital Jersey Authorities. Under the memorandum, the exchange will develop a compliance base and crypto exchange in Jersey. Digital Jersey will team up with Binance to deliver training and other initiatives to support the growing blockchain ecosystem in Jersey.