Binance Crypto Exchange To Launch Ruble Fiat Gateway; Increasing Adoption Among Russian Traders
Binance CEO announces the addition of Russian Rubles fiat trading on its API in a Russian government sponsored event in Moscow, Russia. Binance’s CEO, Changpeng Zhao made the announcement in an open hall conference confirming the exchange will open rubles trading in the coming fortnight. The ruble follows the Ugandan shilling, and recent silent additions of Euro and British Pound fiat trading to the exchange.
Binance to add Russian rubble payment gateway
The ever enthusiastic BUIDL evangelist spoke during the Open Innovation conference on October 21 stating the largest cryptocurrency exchange in the world will open its fiat gateways starting off with the Russian ruble.
“We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.”
The news comes off a week or so of celebrations across the Binance team as the company surpassed the billion dollar mark in cumulative profits and a ninth successful quarterly BNB burn.
However, there remains a cloud of doubt above the latest reveal as the Russian government has previously been against cryptocurrencies. Recently, Elvira Nabiullina, the head of the Russian Central bank quashed reports that the country is looking to launch is own national cryptocurrency.
A commitment to fiat gateways
In the past few months, a number of initiatives have been launched on Binance promoting the direct depositing of fiat to buy crypto on its platform. The exchange launched four local fiat on-ramps in Uganda, New Jersey, Singapore and the US and recent reports confirms the exchange is in plans to add eight more before the end of the year including Singapore, Malta, South Korea, Liechtenstein, Argentina, Russia, Turkey and Bermuda.
The exchange recently launched a deposit insurance account with the Federal Deposit Insurance Commission (FDIC) to cover USD depositors in case of loss of funds.