Binance to Add Fiat-to-Crypto Trading Pairs, Starting With Russian Ruble
Leading cryptocurrency exchange Binance has announced it’s set to soon launch fiat-to-crypto trading pairs, and will start with support for the Russian ruble.,
The move was announced by its CEO Changpeng Zhao – known as ‘CZ’ – who stated during the Open Innovations 2019 conference in Moscow, Russia that:
We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, directly.
Until now, Binance.com was a pure crypto-to-crypto trading platform that listed various stablecoins and offered users ways to buy cryptocurrencies via wire transfer or with their credit cards, but didn’t offer fiat-to-crypto trading pairs.
Instead, Binance launched various local fiat gateways in countries like Uganda, Jersey, Singapore, and the United States. Its US platform, for example, has recently added Federal Deposit Insurance Corporation (FDIC) coverage for its USD deposits.
As CryptoGlobe reported, earlier this year CZ announced Binance was looking to launch 10 fiat exchanges, while also maintaining its decentralized exchange, Binance DEX. Earlier this month the firm burned over 2 million BNB and reflected on the third quarter of this year.
Featured image by Romi_Lado via Pixabay.