Global crypto exchange Binance has added support for another three fiat currencies, this time targeting central Europe and Balkan nations.
Announced on Thursday, the Malta-registered exchange will now allow its users to purchase specific cryptocurrencies with Czech koruny (CZK), Bulgarian leva (BGN) and Romanian lei (RON)
As mentioned, four digital currencies – Bitcoin, Ethereum, Ripple, and Binance Coin – can be purchased with the newly added fiats. However, for the time being, traders have to use their VISA cards as no bank transfers have been enabled.
The exchange also outlined that it is already working on adding support for Mastercard as well.
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
Conquering the fiat markets
Although it started as a crypto-to-crypto exchange in 2017, Binance is now shifting its focus to capture the fiat markets. With the fresh fiat addition, the exchange now supports 24 fiats in total via its primary and subsidiary trading platforms.
Most recently, the exchange also added support for the Australian dollar and Thai baht, Finance Magnates reported. Along with the fiat additions, Binance is also focusing on streamlining user experience with its fiat support and enabled Fast Payments Services (FPS) for British pound deposits on its primary platform.
FPS allows the customers to deposit GBP in seconds. Otherwise, it would take three days. Notably, only a handful of exchanges, including Coinbase, Blockchain.com’s The Pit, CEX.IO, and Coinfloor, offer this service to their customers.
The recent addition is also a part of the exchange’s CEO Changpeng Zhao’s ambition to add more than 180 fiats by the end of this year.
While Binance is ramping up its fiat-based services, crypto options, and futures offering platform Deribit is moving its base from the Netherlands to Panama before the enforcement of 5AMLD rules. It is to be seen whether Binance, which is registered in Malta, also follows the exchange to any Central American or Caribbean countries.