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Binance Will Add Euro and Then Dollars to its Platform

Some time ago, one of the largest exchanges in the world, Binance, announced the opening of a branch in Malta.

Officially the reason was that in this country, they will be able to count on a more open legal regime towards cryptocurrencies, but from the beginning there were people who thought that one of the main reasons could have been the willing to add the Euro to the exchanged coins.

In fact, despite being absolutely one of the most important exchanges in the world, Binance only allows to exchange cryptocurrencies.

It has neither dollars nor euros, but only some stable coins, or cryptocurrencies with the value anchored to the dollar (like Tether, USDT).

According to Bloomberg, Binance CEO Zhao Changpeng would have confirmed this hypothesis.

Indeed, the decision seems to be taken,  it is assumed that Binance will soon be able to provide its customers with the possibility of converting cryptocurrencies into fiat currencies like the Euro.

In fact, Binance has already opened a bank account in Malta, obviously in Euro, so it may already be ready to provide this additional service.

Zhao added that in the future they will allow trading in other fiat currencies, but without providing further details. The date on which Euro trading will start to be possible is not yet known, which at this point could be the first fiat currency to be listed on Binance.

This implementation on the one hand will bring obvious benefits to both Binance, and especially to its customers, but on the other hand it could force the colossus to adapt more heavily to the legal regulations concerning the management and conservation of fiat currencies.

The choice to be based in Malta from this point of view is strategic: it is not the first exchange that chooses the Mediterranean island as its operational headquarters.

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4 Comments

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