The world’s largest cryptocurrency exchange, Binance, is now working on a USD to crypto trading pair.
Binance’s operations have recently moved to Malta, a friendly island nation in the European Union (EU). Binance’s headquarters are originally in Hong Kong, however they have always wanted to move to a more accommodating place. China currently has unpredictable cryptocurrency regulations therefore Binance wanted to find a new, permanent base for operations. They applied to move to Japan, however after the Japanese Financial Services Agency issued a warning to the exchange, they decided to move to Malta instead.
Opening an office in Malta provides Binance several advantages. One of them being that they can start to set up a fiat-to-crypto trading pair, allowing people to purchase cryptocurrency directly with USD or the Euro. Before this move, people would have to purchase Bitcoin from other exchanges and then move it into Binance to purchase altcoins.
The Chief Executive Officer of Binance says that they are close to securing a deal with local banks which would allow Binance to have deposits as well as withdrawals in fiat currencies.
A fiat-to-crypto trading pair would be a huge boon to the cryptocurrency industry. Folks have always found it difficult to purchase cryptocurrencies as there are complicated steps involved generally speaking. When Binance finally adds this option, all these steps will be simplified. Thus, people can directly purchase virtual coins with their fiat currency from Binance directly.
Further, fiat-to-crypto would increase liquidity as well. All this is very bullish for crypto in general and that is why we use our motto…