A new announcement released by Binance's representative claims that the exchange will soon start using a separate exchange based in Malta for offering a fiat-crypto trading deal.
Trade Cryptos For Fiats Via Binance’s New Exchange
One of the largest crypto exchanges in the world, Binance, has announced a new plan, which includes offering fiat-crypto trading. To achieve this, the exchange will be using a separate exchange, which is based in Malta.
Recent reports were suggesting that Binance will be the one that will allow its users to convert cryptocurrencies into fiat currencies. However, this will not be the case after all, and Binance will remain a strictly crypto-to-crypto exchange. Instead, a trading deal that will allow the conversion of digital tokens into fiat currencies will come through a separate entity.
This will be a Malta-based exchange that Binance is planning to open in this country. So far, it is expected that the first trading pair will be euro-Bitcoin, according to the exchange's representative.
The plans to open an exchange on the territory of Malta cane earlier this year, in March. The exchange was forced to make this plan after Japan's regulators and financial authorities warned it about not being properly registered. This new development came after Japan's decision to make crypto regulations even more strict. The result includes the necessity for all crypto exchanges to obtain a special license, which is something that foreign exchanges have a hard time to accomplish.
Binance’s Other Announcements
Changpeng Zhao, the CEO of Binance, has revealed recently that the exchange already managed to open its bank account in Malta. This is one of the bigger steps towards actually achieving the possibility of converting cryptos to fiat currencies. Zhao also mentioned that the exchange is planning on doing the same in Uganda, and possibly Asia too. This, however, is still in the future, and the exchange will probably mostly concentrate on their actions in Malta, at least for a while.
Another revelation from Zhao came only recently, and this time, the CEO of Binance stated that the exchange will also open another cryptocurrency exchange in Jersey, in the Channel Islands. The new exchange will have around 100 staff members, and the exchange's representatives are supposed to meet with Jersey's authorities to sign a MoU (Memorandum of Understanding).
Finally, yet another announcement came from Binance, but this one is from the beginning of June. It concerns Binance's plans to establish a new $1 billion crypto-based fund. The exchange has also announced that they are looking for up to 20 partners that have around $100 million in assets.