Binance to expand trading with fiats until end-2018

Posted 12 June, 2018

One of the major crypto trading platforms – Binance – reportedly expressed intentions to expand services with fiat trading. The euro is likely to be added to trading by the end of 2018. 

As reported Bloomberg citing company CEO, the platform has got a chance for such expansion after opening an account with a Malta-based bank. In the long run, the company is said to consider adding other fiats. However, Binance spokesperson refused to unveil more details.

"Many of the most popular virtual currency venues only provide crypto-to-crypto trading, which is subject to less regulatory scrutiny but limits customers’ ability to cash out. Offering a fiat currency would be a first for Binance as it looks to build on its rapid growth," the news report reads. 

Besides, the company also intends to open one more office in the Channel Islands. The new division is said to have 100 employees.

"Binance will soon receive an exchange license from Jersey in the Channel Islands, and plans to open an office there with as many as 100 staff," said Binance CEO.

Earlier, the platform voiced plans to set up the investment fund to provide assistance to the companies in the crypto segment.

For reference, Binance dates back to summer 2017 with active users reaching 9 million (2 million in early 2018). The Q1 revenue amounted to some $200 million.

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