Soon.. Binance platform will add the option to trade cryptocurrencies against local currencies
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Answer Soon.. Binance platform will add the option to trade cryptocurrencies against local currencies
Binance, one of the leading cryptocurrency exchanges, announced its willingness to launch the option to trade cryptocurrencies against local currencies (such as the Saudi riyal).
The provision of “fiat to crypto” trading pairs feature will be provided by Binance platform initially with the support of the “Russian ruble” currency.
The move and the new option that can be launched soon from Binance was announced by the CEO of the Binance platform “Changpeng Zhao” during the “Binance” conference.Open Innovations 2019in Moscow, saying:
We are working on adding support for forex trading.
In about two weeks or so we should have support for the Russian ruble trade directly.
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So far, Binance is a pure trading platform that offers peer-to-peer cryptocurrencies
It listed several stablecoins and provided users with ways to purchase cryptocurrencies via bank transfer or their credit cards, but did not offer fiat-to-crypto trading pairs.
Instead, Binance has launched several gateways for local currencies in countries such as:
“Uganda, Jersey, Singapore and the United States”.
Earlier this year, Changpeng Zhao announced that Binance is seeking to provide 10 exchanges offering fiat currencies while maintaining its decentralized exchange Binance DEX.
Read:Multichain Collaborates with RSK Blockchain to Promote Access to DeFi on Bitcoin
A few days ago, the Binance platform announced the burning of more than two million BNB coins. We previously discussed this topic in:
After the BNB cryptocurrency burning… Find out about the profits of the Binance platform in the last quarter
The Binance platform generates more than 7 million dollars annually for this reason!
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