Binance’s surgeries has moved to Malta, a friendly island country from the European Union. Binance’s headquarters are located in Hong Kong, however they’ve always wanted to move out. China has inconsistent cryptocurrency regulations, so Binance wanted to get a new permanent base. They used to proceed to Japan, however after the Japanese Financial Services Agency issued a warning into the exchange, they decided to move to Malta.
Opening a workplace on Malta gives Binance several benefits. One of that is that they can begin to set up a fiat-to-crypto trading group, allowing the people to purchase crypto directly with USD or the Euro. Earlier, people had to buy Bitcoin from other exchanges and then move it to Binance to buy altcoins.
Chief Executive Officer of Binance says they are close to securing a deal with local banks. That would allow Binance to own withdrawals and deposits from fiat currencies. Moreover, fiat-to-crypto would boost liquidity. People are able to easily purchase and sell their own cryptocurrencies now.
A fiat-to-crypto trading set would provide enormous advantages of the cryptocurrency market. People have always found it hard to purchase cryptocurrencies, because there are many complicated steps required. When Binance adds this choice, these steps are simplified. Now people are able to directly buy coins using their fiat in Binance. I see this as being direct competition to Coinbase, and a threat to other altcoin exchanges such as Bittrex and Poloniex.
Binance has quickly become the largest volume altcoin-focused exchange in the world. They have great the customer service, a secure track record, and a lot of liquidity across their markets. Binance offers its own token, BNB, which allows users 50% off the trading exchange fees. Adding direct USD pairs will only further enhance user experience and bring more traders onto the platform.
