Binance Plans Fiat-to-Crypto Trading Pairs in a Move That Could Shift Reliance Away from Bitcoin
Cryptocurrency exchange leader Binance says it’s working on fiat-to-crypto features that could have a major impact on the market’s reliance on Bitcoin.
Now that it’s moving to Malta, the company says it’s talking with banks on the small island nation and expects to close a deal that will allow it to accept fiat deposits and withdrawals.
It’s not clear whether the new features will be implemented on Binance.com or if they will be revealed on an entirely new platform. Chief Executive Officer Changpeng Zhao told Bloomberg that Binance is about to create a “fiat-to-crypto exchange,” which makes the exact details of the situation a bit cryptic for now.
According to Zhao, the company plans to shake hands on the deal in the near future.
“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”
The cryptocurrency community has long relied on Bitcoin as the main gateway to enter the market, and just about every coin in existence is eager to gain its own USD trading pair.
In a separate announcement, Binance said it’s also building a decentralized exchange that could be released this year.
Binance is moving from Hong Kong to Malta in response to China’s crackdown on cryptocurrency exchanges late last year – a decision that’s clearly freeing the company up to make some innovative moves in the market.
Disclaimer: The opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility.
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Comments 8
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John
Apr 21, 2018I would also encourage people to get an account on Binance if you don’t have one already.
If you use my referral link, good karma will come upon you: https://www.binance.com/?ref=11006650 -
WhitePaperPagoda
Apr 20, 2018This will force Coinbase to expedite the listing of additional alts as well.
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Slyguy69
Apr 19, 2018Wont the liquidity shift to an unregistered exchange once US Treasury sanctions any banks clearing USD with Binance due to failures to fully implement KYC? If if full KYC is implemented, many traders will have to leave
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Jamie Fish
Apr 19, 2018No.
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Stuart Hill
Apr 19, 2018Good news. The time has come. Let the Alts rise and fall on their own and who else is tired of having to buy BTC or ETH somewhere like Coinbase and then transferring it to GDAX and to Binance and paying those fees just to buy a damn Alt coin?
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Jamie Popkin
May 12, 2018Thank god why didn’t this happen like 5 months ago .’I called it the day bitcoin was at 13 k I knew it was over not just price but the interest the technology. However yes better late them never bit people are very invested lot of money so it’ll be little late but I’ll take it. Get rid of it.’who wants to own something that controls everything else you own. Such a stupid investment strategy
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Lauren
Apr 19, 2018Anyone looking to sign up on binance, would appreciate if you use my link 😀 below
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Captain Panaka
Apr 19, 2018Binance rocks!!!
Comments 8
John
Apr 21, 2018I would also encourage people to get an account on Binance if you don’t have one already.
If you use my referral link, good karma will come upon you: https://www.binance.com/?ref=11006650
WhitePaperPagoda
Apr 20, 2018This will force Coinbase to expedite the listing of additional alts as well.
Slyguy69
Apr 19, 2018Wont the liquidity shift to an unregistered exchange once US Treasury sanctions any banks clearing USD with Binance due to failures to fully implement KYC? If if full KYC is implemented, many traders will have to leave
Jamie Fish
Apr 19, 2018No.
Stuart Hill
Apr 19, 2018Good news. The time has come. Let the Alts rise and fall on their own and who else is tired of having to buy BTC or ETH somewhere like Coinbase and then transferring it to GDAX and to Binance and paying those fees just to buy a damn Alt coin?
Jamie Popkin
May 12, 2018Thank god why didn’t this happen like 5 months ago .’I called it the day bitcoin was at 13 k I knew it was over not just price but the interest the technology. However yes better late them never bit people are very invested lot of money so it’ll be little late but I’ll take it. Get rid of it.’who wants to own something that controls everything else you own. Such a stupid investment strategy
Lauren
Apr 19, 2018Anyone looking to sign up on binance, would appreciate if you use my link 😀 below
https://www.binance.com/?ref=10207323
Captain Panaka
Apr 19, 2018Binance rocks!!!