Arguably the largest cryptocurrency exchange platform in the world, Binance has announced that it will soon begin to try its hands on trading fiat currencies. According to Binance CEO Changpeng “CZ” Zhao, Binance will start with Russia’s official currency, Russian Rubles and users in the country will have access to the new feature.
CZ made this comment while he was speaking at the Open Innovations Forum in Moscow, a government-sponsored event. According to him:
“In about two weeks or so, we should have support for Russian rubles trading directly. So you can buy cryptocurrencies on Binance.com using Rubles.”
Binance is still continuing with all of its expansion efforts and a few days ago, added the British Pound (GBP) and Euro (EUR) pairs to its application programming interface (API). The company has begun international fiat-to-crypto services in a few other jurisdictions including Uganda, Jersey, the U.S. and Singapore as well.
It’s important to note that even though Binance will begin support for the Russian Ruble, the cryptocurrency industry in Russia is not properly regulated.
It would seem that Binance is also doing everything it can, to give users a chance to use fiat as much as possible. About a month ago, the company entered an official partnership with Koinal, a payments processing firm based in London. This will allow users to purchase crypto with bank transfers as well as MasterCard and Visa credit and debit cards. The supported cryptos include Bitcoin (BTC). Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and XRP as well.
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