Crypto exchange Binance announced plans to allow fiat-crypto trading this year through a separate Malta-based exchange, a Binance representative told Cointelegraph today, June 11.
Binance is currently the second largest cryptocurrency exchange by 24-hour trading volume, seeing about $1.5 bln in trades on the day to press time.
While Bloomberg reported today that Binance will “soon allow customers to convert digital tokens into fiat currencies”, a Binance representative clarified to Cointelegraph that “Binance.com is a pure crypto-to-crypto exchange.” They confirmed that crypto-fiat trading will only be offered through a separate local exchange the company is opening in Malta. Binance Malta will most likely begin fiat trading with a euro-Bitcoin (BTC) pair, the representative told Cointelegraph.
Binance had announced the opening of an office in Malta at the end of March after receiving a warning letter from Japanese financial authorities about its unregistered status.
Last week, Binance CEO Changpeng Zhao told Cointelegraph in an exclusive interview that the exchange has already opened a bank account in Malta, leading the way for the introduction of fiat-crypto pairs. During the interview, Zhao mentioned plans to offer fiat-crypto trading in Uganda and Asia in the future as well.
Zhao told Bloomberg today that Binance will also be opening a crypto exchange in Jersey in the Channel Islands with an office staff of around 100, signing a memorandum of understanding with authorities in Jersey today.
At the beginning of June, Binance had announced the establishment of a $1 bln cryptocurrency-based fund, seeking 20 partners with at least $100 mln in assets under management.