Binance Set to Offer Fiat-Based Trading Pairs

The exchange will set up a new platform based in Malta to offer crypto-fiat pairs.

Binance, one of the leading cryptocurrency exchanges in the world, is planning to introduce crypto to fiat trading pairs, according to multiple recent reports. The exchange will use its new base at Malta to introduce the new service.

Bloomberg first broke the news following an interview with Binance’s CEO Zhao Changpeng. Although the report only mentioned the introduction of new fiat pairs, another report by CoinTelegraph detailed that the exchange will not list the new pairs on its existing platform. Rather, it will launch a new platform to list the new crypto-fiat pairs.

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The new platform will be based in Malta and registered under the island’s crypto-friendly laws. Binance’s upcoming Malta-based platform will most likely introduce Bitcoin/euro pair first with plans to expand the offerings.

Earlier in March, Binance put forth its plans to move to the crypto friendly jurisdiction of Malta. This move was boosted by the regulatory hurdles faced by the exchange in Asian markets like Japan.

Moreover, CoinTelegraph also reported that Binance has already opened a bank account with a Maltese bank. This was marked as the first step of the exchange towards fiat pair offer.

Zhao also revealed his plans to expand operations of the exchange to the Channel Islands as it is waiting to receive a license from the authorities at Jersey. The company is also in talks with authorities and banks in Taiwan.

Binance’s dominance

Binance is currently the leading exchange in terms of daily trading volume, with more than $1.3 billion in trade and is slightly ahead of OKEx. It lists more than 350 trading pairs mostly against BTC and ETH. It also offers its customers to trade major coins against USDT, a controversial dollar-pegged coin. Moreover, Binance has a native platform token – BNB – and recently introduced many pairs of small coins against that.

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