Expectations continue to be raised in the cryptocurrency markets as Binance has now announced that it will be launching trading pairs for conversion to fiat shortly. This was revealed in a telephone interview on Monday with Binance Chief Executive, Zhao Changpeng, who talked cryptocurrency and revealed the imminent start of its Malta operations.
Zhao Changpeng announced that Binance would be offering trading pairs with the euro in the latter part of the year as it launches its Maltese operation. The world’s largest cryptocurrency exchange by volume had already revealed last week that it had opened a bank account in Malta – a move that was seen as crucial for the exchange’s continued operations. Zhao also announced that further fiat currencies would be added shortly, although he did not give any further details.
One of the issues that hamper most of these large exchanges is that they only offer crypto to crypto trading. While this provides less regulatory scrutiny, it limits the customer’s ability to realize their profits, which can be a deterrent to prospective investors. If it offers a fiat currency to exchange, Binance would undoubtedly look to attract substantially increased numbers of customers.
Binance was founded in July 2017 and made a staggering profit of just over $150 million in its first quarter of operations. It has daily trading averages of between $1.4 to $1.5 billion while its customers have multiplied from 2 million at the start of 2018 to an incredible 9 million at present.
Zhao continued to be upbeat about the exchange’s expansion plans and revealed that it would soon be receiving an exchange license from Jersey in the Channel Islands. It has plans to open an office there with upwards of 100 staff. Binance is also looking to open an office in Taiwan and is in discussion with the banks and authorities there, Zhao added.
Jay is pretty interested in the crypto space. He’s written for several publications on the topic and has lots of ideas on how the world can be made a better place with blockchain technology. He’s also a fintech journalist with some years of experience and enjoys writing about new startups, ICO’s as well as any other intriguing news that catches his fancy.