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Crypto Giant Binance Goes Fiat

Sead Fadilpašić
Last updated: | 1 min read

Binance, one of the largest cryptocurrency exchanges by trading volume, has announced that cryptocurrency traders will soon be able to convert cryptocurrencies into fiat currencies such as the euro, Bloomberg reported, citing CEO Zhao Changpeng. The euro trading should commence later this year from their Malta base.

Source: iStock/MicroStockHub

Zhao said that they plan to add other fiat currencies, without elaborating further. Many popular exchanges only offer crypto-to-crypto trading to evade regulatory scrutiny. However, this limits the client’s’ ability to cash out, and offering fiat trading pairs would be a first for Binance.

The company is growing with incredible speed: it now has 9 million users, compared to 2 million in the beginning of this year. They are set to receive an exchange license from Jersey in the Channel Islands, and plan to open an office there with as many as 100 staff. The company is also in talks with authorities and banks in Taiwan, Zhao said.

As of the time of writing, Binance was the second largest cryptocurrency exchange by 24-hour volume (with fees), preceded only by OKEx. This sets it into third place in the category of all cryptocurrency exchanges, as BitMex has the greatest trading volume.

Meanwhile, the exchange’s blockchain incubator Binance Labs intends to set up a USD 1 billion investment fund for blockchain-based systems. Binance will provide financial support as an limited partner, as well as share incubation projects from Binance Labs.