Binance CEO: Exchange Will Use Third-Parties To Provide Fiat To Crypto Trading

Changpeng Zhao, the CEO of Binance, has recently talked more about how the direct fiat to crypto trading on the platform will work. The original announcement stating that the platform would finally start accepting these trades was made this week, so the investors were eagerly waiting for more information on how that would actually be done.

According to him, third-party companies will provide the services, but the name of these companies was not disclosed to the media at the time of the announcement.

He also affirmed that the Russian rubbles will be the first fiat currency to be traded on the platform. Curiously, he used the opportunity to joke that Vladimir Putin, the President of Russia, was currently the most influential person to the blockchain space.

Zhao used the occasion to affirm that the company does not pass information to the authorities on normal occasions, but that this does not mean that criminals could be at easy using a Binance account, as the company would certainly help the authorities if there was any suspicion of criminal activities of any kind.

Another big update that was announced at the same time was that Binance will start issuing debit cards that will be tied to the accounts of the users. This way, they will be able to spend the crypto that they are trading if they wish to. At the moment, two companies were announced to provide these services, Koinal and Simplex.

Zhao finished the announcement by affirming that he considers his company to be the next Facebook or Amazon and saying that he was pretty hyped about the future.