Since its founding less than a year ago, Binance has been trading by volume, almost consistently among the crypto exchanges. The introduction of Fiat trading pairs has been anticipated for some time and has been announced several times by Binance CEO Changpeng Zhao.
Yesterday, Binance announced that it is finally time, but the service will be available for the time being only in one country.
The introduction of Fiat trading would be an asset to many. Customers would not have to buy their cryptocurrencies through another provider, but could take all the steps directly on Binance, if they are registered there as customers.
But Binance will seemingly introduce Fiat-crypto trading step-by-step. The new platform, Binance Uganda, is the company’s first foray. Why the Ugandan shilling was the first Fiat currency in the test run, we do not know at this time.
Perhaps Binance will need to gather the necessary experience of regulatory issues and existing laws before expanding the offer to other countries. Uganda seems to be a good choice to test the expanded offer for the time being on a small scale.
Binance wants to continue expanding
Despite the currently rather difficult market situation, Binance wants to continue to expand, as the CEO recently remarked in an interview with Bloomberg. According to Zhao, the exchange will soon receive an exchange license from Jersey, a British canal island, and open an office with up to 100 employees on the island. In addition, the company is in talks with authorities and banks in Taiwan.
Founded in July 2017, Binance earned $ 150 million in the first quarter of 2018. The crypto trading platform currently has more than 9 million users, with daily trading volumes ranging from $ 1.4 to $ 1.7 billion.
When customers can make deposits and withdrawals in euros and dollars, is currently unknown. When the time comes, that will be huge.