Crypto Exchange Binance To Offer Fiat-Crypto Trading Via Malta-Based Platform

A Binance representative told CoinTelegraph Monday the crypto exchange would allow fiat-crypto trading this year through a separate Malta-based exchange, CoinTelegraph reported Monday.

Binance is currently the second largest cryptocurrency exchange by trading volume, the report said, seeing about $1.5 billion in trades on the day.

Bloomberg reported earlier in the day Binance will “soon allow customers to convert digital tokens into fiat currencies,” the report said. However, a Binance representative clarified to CoinTelegraph “Binance.com is a pure crypto-to-crypto exchange.”

The representative confirmed crypto-fiat trading will only be offered through a separate local exchange the company is opening in Malta, CoinTelegraph reported. Binance Malta will most likely begin fiat trading with a euro-Bitcoin (BTC) pair, the representative said.

At the end of March, the report said, Binance announced the opening of an office in Malta after receiving a warning letter from Japanese financial authorities about its unregistered status, the report said.

Last week, Binance CEO Changpeng Zhao – speaking in an exclusive interview with CoinTelegraph – the exchange has already opened a bank account in Malta, leading the way for the introduction of fiat-crypto pairs. During the interview, Zhao mentioned plans to offer fiat-crypto trading in Uganda and Asia in the future as well, CoinTelegraph reported.

Zhao told Bloomberg Monday Binance will also be opening a crypto exchange in Jersey in the Channel Islands with a staff of around 100, signing a memorandum of understanding with authorities there today.

At the beginning of June, Binance announced the establishment of a $1 billion cryptocurrency-based fund, seeking 20 partners with at least $100 million in assets under management.

– WN.com, Jack Durschlag