Binance, one of the largest trading-volume cryptocurrency exchanges, is preparing for the introduction of Fiat trading pairs, according to Bloomberg.
Fiat retailers later this year
Zhao Changpeng, Binance CEO, told the news site that the exchange will launch Fiat Crypto trading later this year . A few months ago, the CEO announced that this move would be possible with the planned European base in Malta, without giving a precise timetable.
It is planned to start with the euro trade, whereby further currencies are to follow soon. Which currencies that will be, Zhao Changpeng did not want to betray Bloomberg .
Many of the most popular digital currency exchanges offer only crypto-to-crypto trading, which is less subject to regulatory oversight. The major drawback is that customers can not make deposits or withdrawals in Fiat currencies.
Despite the currently rather difficult market situation, Binance wants to expand further. 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 conducting talks with authorities and banks in Taiwan, Zhao said in an interview with Bloomberg.
Founded in July, Binance earned $ 150 million in the first quarter of 2018. The company currently has more than 9 million users, with daily trading volumes ranging from $ 1.4 to $ 1.7 billion .
Bittrex introduces dollar trading
Binance, however, is not the only major stock exchange that has been pushing for Fiat trading in recent months. Bittrex has also overcome the regulatory hurdles and has recently offered clients the opportunity to trade in US dollars. So far, the service is not available to all customers, with plans already in place to enable the service soon for all users.
A step that offers customers more flexibility and could help the trading floor to further expand its customer base.
Marko Vidirh @cryptomarks
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Image via binance.com