Crypto exchange Binance announced plans to allow fiat-crypto trading
this year through a separate Malta-based exchange,
a Binance representative told Cointelegraph today, June 11.
Binance is currently the second largest cryptocurrency exchange by 24-hour trading volume,
seeing about $1.5 bln in trades on the day to press time.
While Bloomberg reported today that Binance will
“soon allow customers to convert digital tokens into fiat currencies”,
a Binance representative clarified to Cointelegraph
that “Binance.com is a pure crypto-to-crypto exchange.”
They confirmed that crypto-fiat trading will only be offered
through a separate local exchange the company is opening in Malta.
Binance Malta will most likely begin fiat trading with a euro-Bitcoin (BTC) pair,
the representative told Cointelegraph.
Binance had announced the opening of an office in Malta at
the end of March after receiving a warning letter from
Japanese financial authorities about its unregistered status.
Last week, Binance CEO Changpeng Zhao told Cointelegraph
in an exclusive interview that the exchange has already opened
a bank account in Malta, leading the way for the introduction
of fiat-crypto pairs. During the interview, Zhao
mentioned plans to offer fiat-crypto trading
in Uganda and Asia in the future as well.
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