Binance adding RUB fiat trading, may add EUR and GBP next
It's worth periodically stepping back and taking stock of Binance's development compared to other exchanges.
A couple of weeks ago Binance added CNY trading, in a fashion, by opening up a peer to peer segment on its site, in which people can select CNY payment methods. But that's a separate section, for people to trade directly, rather than actual Binance markets.
This new batch of fiat on-ramps is expected to consist of actual trading pairs, The Block reports.
On the stage at the Open Innovations conference in Moscow, Binance CEO Changpeng "CZ" Zhao announced that Binance would be adding support for RUB in "about two weeks or so".
Binance will "continue to build fiat-to-crypto gateways in our effort to increase accessibility and adoption of crypto," he said.
EUR and GBP
Meanwhile, on 16 October, Binance added GBP and EUR to its API, suggesting that these fiat currencies will be the next to hit the Binance marketplace.
Binance already offers fiat purchases, in a fashion, through partnerships with Simplex, but it's not clear how many people are using this given the comparatively high fees.
Elsewhere in the fiat world, Binance and its subsidiaries also have certain local spots with fiat onramps. The first was Binance Uganda, which serves as a Ugandan shilling onramp. Much more recently it was joined by Binance US, after US-based traders were barred from the main Binance platform – almost certainly for regulatory reasons.
It's worth stepping back and taking stock of Binance's blistering pace of development.
Binance only launched in 2017, but is already the world's largest exchange by (actual) trading volume. It's building out fiat onramps; it now offers a slightly scary 125x leverage on futures trading; it's been breaking new ground with the Binance Charity program; it offers staking and lending; it's rolling out a localised stablecoin initiative; it has its own decentralised exchange and financial-oriented blockchain objectives, and a whole lot more.
These developments are likely fuelled in part by the exorbitant gobs of wealth its native Binance Coin cryptocurrency has amassed for the company, and in part by a seemingly bottomless well of cryptocurrency and blockchain-related ambition.
Disclosure: The author holds BNB, BTC at the time of writing.
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