Crypto exchange Binance is set to add fiat-crypto trading support to its primary platform, starting with pairs against the Russian ruble.
The prospect was announced on Monday by Changpeng “CZ” Zhao, founder and CEO of the exchange, at the Open Innovations Forum, a Russian government-led event, in Moscow.
“In about two weeks or so, we should have support for Russian rubles trading directly. So you can buy cryptocurrencies on Binance.com using rubles,” Zhao said.
— Binance (@binance) October 21, 2019
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Dominating the crypto trading industry
This move comes with Binance’s push to dominate the crypto-fiat trading market on all major markets. The exchange already opened four dedicated crypto-fiat exchanges in the United States, Jersey, Singapore, and Uganda and also offers fiat-crypto trading in a few other markets with some alternative arrangements.
Binance’s entrance into the Russian market is odd as the status of digital currency in the country is still unclear. Cryptocurrencies are still not regulated in the country amid multiple delays on the adoption of a crypto-specific bill called “On Digital Financial Assets.”
Launched in 2017, Binance dominates the crypto trading market in terms of the adjusted daily trading volume. The exchange also launched a native coin in 2018 for the purpose of paying fees on its platform, which now is among the top digital currencies in the market, with more than $2.8 billion in market capitalization.
Meanwhile, Binance is also determined to increase its international presence by penetrating markets like South Korea, Argentina, Turkey, and Bermuda, all of which are part of its eight-country expansion plan for 2019.
The crypto exchange is also trying to tap the limited yet lucrative traders in China. Earlier this month, it launched a peer-to-peer trading platform with support for Chinese yuan and is also planning to roll out an over-the-counter (OTC) desk in the country.