The 2nd largest cryptocurrency exchange, Binance has announced its plans to include fiat-crypto trading through a separate malta-based exchange platform, as was reported by a binance representative on the 11th day of June.
Binance, which is currently seeing about $1.5 bln in trades on a daily basis has seen a lot of progress throughout its existence from the year 2013 till date.
While some news site reported that Binance will soon introduce fiat-crypto trading this year, a binance representative maintained his stand on this matter saying “binance.com is strictly meant for crypto-to-crypto trading. He also went further to say that the crypto-fiat trading will be be offered only, through a separate local exchange that would have it’s headquarters in Malta, which will be called “Binance Malta”. The fiat trading is most likely to start with an euro-Bitcoin (btc) pair.
However, the warning letter received by the binance firm, from the Japanese financial authorities has succeeded in hindering the plans setup by the company in march. They had planned to open an office in Malta.
The exchange had already opened a bank account in Malta ahead of the project they had for fiat-crypto trade, Changpeng Zhao said. He also talked about extending this new development to Uganda and Asia.
The CEO of Binance, went forward to leak out a secret today, saying that the company would be opening a crypto exchange in Jersey, the channel island.
This month alone, Binance had established a $1bln cryptocurrency-based fund, seeking for investors with at least $100 mln in assets under management.