Binance euro trading pairs – it’s finally happening! This is huge news because this will be the first fiat currency option to become available on Binance.
Binance has always previously been strictly a crypto-to-crypto exchange. It hasn’t dealt in fiat currency, mostly because fiat exchanges are usually subjected to more regulations than crypto-to-crypto exchanges. But being a crypto-to-crypto exchange has its limits as well, namely that it means customers can’t cash out directly from the exchange.
CEO of Binance Changpeng Zhao told Bloomberg that the exchange would be launching Binance euro trading pairs later this year. Other fiat currencies will be added at a later date. This is all part of Binance’s plan to expedite its growth, helping it to become an even larger crypto exchange.
Binance recently moved its headquarters to Malta, with launching fiat currencies on the exchange as part of the plan. Things are moving along, and although there are still few details available regarding exact dates and exact currencies other than the euro, fiat is finally coming to Binance.
By offering fiat trading pairs, Binance joins the group of other fiat exchanges, which includes the likes of Coinbase, Kraken, Bitfinex, and many others. Other crypto-to-crypto exchanges include Huobi and Bittrex.
Binance is already a largely popular crypto exchange, offering support for more than 300 cryptocurrencies. One can only imagine how much bigger Binance will be able to grow once it starts supporting fiat currencies as well.
Currently, Binance lags behind only Bitfinex in terms of market share (Bitfinex holds 36% at the moment, while Binance holds 23%). Will accepting fiat currencies be enough to close the gap and push Binance’s market share over that of Bitfinex?
At the time of writing, Binance has a market cap of $1.6 billion.
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