The Binance Exchange plans to launch its first fiat-to-crypto trading pairs soon.
At the Open Innovations conference in Moscow, CEO Binance Changpeng “CZ” Zhao announced that will start with the Russian ruble:
“We will add support for trading with fiat currencies. In about two weeks, we should offer the option for trading the Russian ruble. “
So far, the company’s main exchange platform, binance.com, has only accepted crypto-to-crypto trading.
Zhao announced in September that it would introduce the option to purchase fiat cryptocurrencies at OTC offices. In general, OTC transactions are of great value, which would have meant a limit on access to the fiat currency crypto market.
Binance aims to provide access to the crypto market to all investors
His comments at the Russian conference seem to indicate that the main platform will also support the new options. The initiative is part of the company’s development philosophy, which aims to ensure access to the crypto market of all investors, regardless of the capital they hold.
In addition to the fiat-to-crypto option, CZ also announced the launch of a new Bitcoin cash token based on Binance DEX. It is called “BCH-1FD” and will expand the trading possibilities for the users of the decentralized exchange.
To date, Binance has already launched international crypto-fiat exchanges, including Binance Uganda, the European trading platform Binance Jersey, Binance Singapore and Binance USA.
On October 18, Binance.US announced that its clients’ dollar deposits are eligible for federal deposit insurance, also known as the FDIC.
In mid-October, Binance launched peer-to-peer transactions for Bitcoin (BTC), Ether (ETH) and Tether (USDT) with the Chinese yuan.
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