Binance, the world’s biggest cryptocurrency exchange, has remained ahead of this curve in recent months to operate with banks and introduce fiat dealing pairs, something guaranteed to earn a huge influence in the marketplace when implemented.
At the present time, investors typically have to purchase high cap coins like Bitcoin or Ethereum on exchanges like Coinbase and after that withdraw funds to other exchanges as a way to purchase altcoins, all of which costs money and time in the rapid world of crypto trading. The fiat trading option would be opened up by the market selection to new traders placed off by the inaccessibility of the current system.
Binance has shown itself to be a forward-thinking business using plans for long-term development, evidenced by their latest statement of their aims to move to Malta to flee regulatory pressure in Japan and develop their platform. They’re combined by Bitfinex which is moving from Asia to Switzerland to relish longer crypto-friendly regulation.
While Binance is currently working with financial institutions and exploring fiat trading alternatives, they corrected claims now that they’ll soon be allowing users to buy digital resources.
Binance CEO Changpeng Zhao confirmed the report an hour ago on Twitter.
“While we can’t predict the future, others keep attempting it on us. Both “news” are not accurate. We are working with banks (to potentially support fiat), but no plans for USD in the short term. No xvg or xpr involved. Be careful around predictive “crystal ball” news”.
It is contradictory to several reports and a number of articles from various media outlets and Twitter accounts that bombarded the crypto news space on Friday, which may have resulted in an upward trend in a number of altcoins.
While plans for fiat pairs may be in the pipeline, there are no plans at the moment to include USD. The market has seen a significant rally over the last 24 hours, continuing an upward trend that emerged over the last two weeks, with Ripple and Bitcoin Cash both seeing an increase of over 15 percent.
Binance has held the top spot on Coinmarketcap’s overall list of exchanges for some time, with over $2 billion in trading volume over the last 24 hours.
