Binance Announces That It Will Offer Euro Trading by End of Year
Binance to Offer Euro Trading Pairs
Cryptocurrency exchange behemoth Binance plans to integrate euro trading pairs by the end of the year, CEO Zhao Changpeng revealed in an interview with Bloomberg. If the plans materialize, the euro trading pairs will be the exchange’s first fiat integration, though the CEO did not reveal which coins would be paired with the currency.
During the phone conversation, Changpeng indicated that opening euro-to-crypto trading would coincide with the exchange’s move to Malta. This March, Binance unveiled plans to move its headquarters to the Mediterranean archipelago, as the island nation has become an attractive home base for cryptocurrency companies thanks to its friendly regulatory environment.
Chanpgpeng’s announcement comes less than a week after Binance established a bank account within the nation. This account will no doubt provide the exchange with its source of liquidity for the euro, and the CEO also teased that Binance is working on accommodating other fiat currencies into its services, though he did not reveal which currencies it plans to list.
According to Changpeng, Binance averages $1.4-1.5bln in trades daily, and it netted some $150mln in profits from the first quarter of 2018 alone. As Binance’s first fiat integration, euro pairs would greatly expand the exchange’s services and, potentially, its 9mln strong user-base, as it would be the only top exchanges next to Bitfinex that offers euro trading pairs.
In addition to these developments, Binance’s CEO told Bloomberg that the exchange is in the process of receiving an exchange license from Jersey, a Channel Island caught between the shores of the United Kingdom and France. The licensing would be met with an office on the English Channel’s largest island with roughly 100 new employees. The exchange is also in talks with Tawainese officials and banks to set up a bank account in Taiwan.
— CZ (@cz_binance) June 11, 2018
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ABOUT THE AUTHOR
Colin is a freelance writer and crypto-enthusiast based in Nashville, TN. When he’s not speculating crypto futures, he’s probably letting his hair down and/or heading to a music festival–because stereotypes exist for a reason.