Binance, the one-year-old startup that appeared from nowhere to become the world’s top crypto exchange, is making major moves as it enters the next phase of its business. That includes a plan to offer fiat-to-crypto trading in international markets and the release of a decentralized exchange to complement its current trading site.
The company routinely trades more than $1 billion in crypto volumes daily — even in this current bear market — but to date it has only allowed crypto-to-crypto trading. That’s primarily down to the need for regulation in order to offer fiat currency conversation, but that’s set to change.
Speaking at a Coindesk event in Singapore last week, CEO Changpeng “CZ” Zhao revealed plans to launch a slew of local exchanges offering fiat conversation in markets across the world and he provided further details in an interview with TechCrunch.
“Right now, we are centralized crypto-to-crypto,” Zhao told us. “We don’t offer fiat gateways and so we rely on others to do that. But through discussions with different regulators across the world, we now have those channels. We want to make it easier for fiat currency to get into the crypto world.” See more...