Binance is one of the most important cryptocurrency exchanges in the world. It is, in general, in the first two positions of platforms by trading volume. But the exchange is not able to provide crypto-to-fiat transactions, just crypto-to-crypto.
That means that users that want to trade crypto-fiat pairs will not be able to do that in Binance. But according to Changpeng Zhao, Binance CEO, the company is ready to enable euro trading. In some months, this possibility will be a reality after arranging everything in Malta, where the exchange has decided to relocate its headquarters.
Binance Adds Euro Support
The Euro is one of the most important virtual currencies in the world used for trading cryptocurrencies. After the Japanese Yen and the US Dollar, the Euro is used by traders all over the world to buy and sell cryptos.
At the moment, users that want to hedge against Cryptos while using Binance have the possibility to trade against USDT (Tether). This cryptocurrency is known as a stable-coin because its price is linked to the US dollar, but during the last months it has been involved in different scandals about the funds that are behind it.
But this is not all. In the future, the exchange will be adding support to other fiat pairs which have not been specified by the platform. The information has been confirmed by Zhao but did not provide further details about when or how.
At the moment, the exchange is working with the Malta Stock Exchange so as to integrate all the different services offered by Binance to the small European island.
It is also important to mention that Malta has been opening doors for crypto- and blockchain-related companies that were not able to find a good place where to locate their headquarters. The island is offering a very crypto-friendly legal environment with clear rules for enterprises to be regulated and offer clear rules to investors.
Some weeks ago, Binance announced that it was starting a $1-billion-dollar fund so as to invest in crypto and other blockchain startups. The exchange will be focusing its investments on decentralized exchanges, payment platforms and stable coins.