Is Binance planning to offer a FIAT exchange?

Lately Binance seems to be the Number one crypto to crypto exchange in the world. According to CoinMarketCap Binance is consistently ranked as the #1 exchange in terms of volume. On average around $2Billion is traded daily using the platform. With the low trading fees and wide variety of pairs to trade, it's easy to see why it is widely adopted One feature many believe Binance Is missing is the ability to deposit using a FIAT currency. Currently the only way to trade crypto with FIAT is to use an exchange such as Coinbase to deposit FIAT and buy either Bitcoin, Ethereum, Litecoin or (God Forbid) Bitcoin Cash. You then transfer that to another exchange and then trade whichever pair you choose. For newcomers this can seem like a daunting task and puts many people off. I believe this is why we still have a strong reliance on Bitcoin and Ethereum, because the general public are easily able to sign up and buy with their local FIAT currency.

What would introducing a FIAT exchange on Binance do for Crypto?

Greatly increase the ease of access to Crypto Currencies
Generate an influx of volume and help propel the Market Cap towards that Holy Grail, In this case, the $1Trillion Market Cap (Currently sits at $360Billion)
Make it easier for people to trade their favourite Alt Coins
Reduce the dominance of Bitcoin and the reliance we have on it. Currently the price of most Alt coins are tethered to the price of Bitcoin. If Bitcoin has a good/bad day then this will generally directly impact other coins. We would like to see these prices move more independently.

So, is Binance Actually planning on introducing a FIAT Exchange? The short answer is, We don't know. Last month the Binance CEO Chanpeng Zhao sat down with Bloomberg to talk about the future of the exchange and that it was heading to Malta. We know Malta is trying to make a name for itself in the world of Crypto. They are very enthusiastic about the future of the blockchain and are willing to accommodate Binance. This comes after the recent crackdown by Hong Kong and China on Crypto Currencies. In this article by Bloomberg they quote CEO Zhao as saying

“We are very confident we can announce a banking partnership there soon... Malta is very progressive when it comes to crypto and fintech.”

Earlier in the article they explicitly say "Binance will soon start a “fiat-to-crypto exchange”. You'd expect such a reputable and established Media Company to be a credible source of information, as such the masses took to various Social Media to proclaim that a new age of Crypto Currency was upon us. In recent days, various independent sites have began circulating these rumors again. One such example of this.. This has caused people, again to take to Social Media and stoked the fires of the Crypto Markets. There are currently only a handful of coins in the red on CoinMarketCap, with the majority being up almost double digits.

Today Bloomberg have posted a new article, stating that Binance have reached out to them to call these rumors "Fake News" and will not be offering Dollar Trading. At this point, it's unsure if they are referring to all of FIAT as Dollar Trading, or just the USD. If the latter is the case, then it may mean we could still see Euro or even GBP pairings for some Crypto Currencies as the national currency for Malta is indeed the Euro. So for now folks, all we can do is sit and wait. Binance Has grown so fast in such a short time, I doubt there would be long to wait for us to find out either way. In the mean time, keep spreading the word about Crypto and we'll see you all soon. Thanks, Adam @ AJTech