Binance To Add "USD To Crypto" Trading Pairs Soon

bitcoin
cryptocurrency

#1

Binance’s operations has moved to Malta, a friendly island nation in the European Union. Binance’s headquarters are in Hong Kong, but they have always wanted to move out. China has unpredictable cryptocurrency regulations, so Binance wanted to find a new permanent base. They applied to move to Japan, but after the Japanese Financial Services Agency issued a warning to the exchange, they decided to move to Malta.

Opening an office on Malta gives Binance several advantages. One of which is that they can start to set up a fiat-to-crypto trading pair, allowing people to purchase crypto directly with USD or the Euro. Before, people had to purchase Bitcoin from other exchanges and then move it into Binance to purchase altcoins.

Chief Executive Officer of Binance says they are close to securing a deal with local banks. That would allow Binance to have deposits and withdrawals in fiat currencies.

“We are very confident we can announce a banking partnership there soon,” Zhao said. “Malta is very progressive when it comes to crypto and fintech.”

Furthermore, the Malta’s Prime Minister is open to Binance, as shown in his tweet.

A fiat-to-crypto trading pair would give huge advantages to the cryptocurrency industry. People have always found it difficult to purchase cryptocurrencies, as there are many complicated steps involved. When Binance adds this option, all these steps are simplified. Now people can directly purchase coins with their fiat from Binance.

Furthermore, fiat-to-crypto would increase liquidity. People can easily purchase and sell their cryptocurrencies now.


#2

Very exited for this , Won’t have to worry about USDT anymore!


#3

I can’t wait for this either!


#4

About damn time! Tether becoming more and more useless


#5

Big news. Coinbase are losing their market dominance.

Bittrex has also mentioned it will be offering fiat deposits soon as well.


#6

Adapt and improve or die. Awesome to see this.


#7

Do you think this will impact BTC a lot?


#8

Probably not a lot and not immediately, but once this trend continues, it will help decouple ALT’s from BTC and lower the reliance on BTC/ETH/LTC to be the entrance coins to the market.


#9

best news all year…now if they could just add MT4 charting… :ok_hand:


#10

Is this not bad news for BTC though?

  • Main volume of BTC comes from trading pairs
  • Demand from trading increases liquidity and price
  • Alts should decouple from BTC price movements (good thing for Alts)

Just a view… as I watched a vid from Crypto Kirby that threw a curve ball to this excitement


#11

It doesn’t specify what alts or how many alts will be paired to the USD. BTC value is because alts value are derived from BTC’s US value and until all major exchanges do this it will remain this way.

This is a good thing as it provide another on ramp for FIAT if executed correctly.

Crap alt coins will lose in the decoupling if it happens as they will no longer get a rise in USD value when BTC rises. It will also benefit worth while projects as they would be able to grow or fail on their own merit.


#12

Traders paradise…

*Binance will be the biggest exchange next to coinbase by the end of the year. Binance pushes coinbase its the only reason CB is looking into other coins and block chains. the variety and forward movement binance presents is just absolutely crazy. Binance is the future of trading and CB is the investors spot.


#13

This isn’t the only reason CB is looking into other coins. They have been for a while but regulation by the SEC has been holding them back. They do not want what happened in Japan to happen to them where coins were retro classified as securities thus were removed from the exchanges and since CB does not have the license to deal with securities they did not want to list them and then take them down again.

Don’t get me wrong here if Binance does this it is a huge push to CB, but there are also going to be growing pains with Binance just as there is with CB. Accepting FIAT for Cryptos is a completely different ball game compared to just trading in Crypto’s.


#14

Yup once the man’s money gets involved it’d a different game, good perspective. So do we want this acceptance of USD to Crypto at all then? Would it be smarter for binance to just keep rolling with the punches?


#15

IMO the more on ramps from FIAT the better.

I do not see them giving all pairings a FIAT pairing. I think they will start like CB.


#16

It could be a gradual progression of decoupling but it’s plausible… I agree it will be a small amount of liquid alts at first.

And yes, more Fiat ramps are good for the overall inflow!


#17

BNB token audit report submitted to QSP
https://quantstamp.com/public-reports/0xB8c77482e45F1F44dE1745F52C74426C631bDD52


#18

Any idea how Binance in Malta will treat USA customers, regulation and compliance-wise?


#19

From Twitter

CZ

Verified account

@cz_binance

While we can’t predict the future, others keep attempting it on us. Both “news” are not accurate. We are working with banks (to potentially support fiat), but no plans for USD in the short term. No xvg or xpr involved. Be careful around predictive “crystal ball” news.