Binance crypto-fiat plans are limited

[CryptoTC]

Rumors broke last week about Binance offering crypto trading using fiat pairs. It turns out those rumors were overstated.

Binance clarified their actual plans earlier today with a statement that they are creating a new exchange based in Malta that will begin to offer crypto purchases with fiat. However, there will be limited trading pairs, at least at first. Bitcoin-euro trading is the only pair references in their announcement.

Binance made it clear that it will remain a crypto to crypto exchange in their press statement.

From CoinTelegraph:

“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.”

https://cointelegraph.com/news/cryp...-fiat-crypto-trading-via-malta-based-platform

 

[Emma Lee]

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.