Crypto Exchange Binance Reveals It Has “No Plans For USD In The Short Term”

Crypto Exchange Binance Reveals It Has “No Plans For USD In The Short Term”

Francisco Memoria
  • Crypto exchange Binance won't add any crypto-to-fiat trading pairs, at least for now
  • A company spokeswoman revealed reports suggesting it were "fake news," and its CEO revealed it may support fiat in the future, but not now.

Binance, one of the world’s biggest cryptocurrency exchanges by trading volume, recently revealed it doesn’t plan on adding crypto-to-fiat trading pairs to its platform for now, as a company spokeswoman revealed reports suggesting it are “fake news.”

The company’s CEO, Changpeng Zhao, has taken to Twitter to reveal the exchange is working with banks to potentially support fiat, and warned users to careful around such unconfirmed reports.

According to Bloomberg, articles that claim Binance will introduce fiat currency trading pairs that are currently circulating on Twitter and various cryptocurrency publications helped the price of various altcoins surge.

At press time, cryptocurrencies rumored to benefit from crypto-to-fiat trading pairs on Binance are up by about 10 percent. These include privacy-centric cryptocurrency Monero and EOS. Ripple’s XRP token may have also been affected by the rumors, as some articles claim the exchange would add an XRP/USD trading pair. The token is up 21.43 percent in the last 24 hours.

Binance is a crypto-to-crypto exchange, meaning users can trade cryptocurrencies in it, but don’t have access to fiat currencies. According to available data, the equivalent of over $2.1 billion were traded on the exchange in the last 24 hours.

The rumors likely started circulating over Binance’s move to Malta, as at the time the exchange’s chief executive officer revealed the company was looking for banking partnership, which could see it launch a crypto-to-fiat exchange.

Malta, as covered, has opened its doors to cryptocurrencies and blockchain technology, and recently proposed a test to determine when assets derived from initial coin offerings (ICOs) are securities.

Binance moved to the European nation after it faced scrutiny from Japanese regulators, as the country’s Financial Services Agency (FSA) warned it couldn’t operate in the country without a license.  As covered, Binance is set to launch a decentralized cryptocurrency exchange in the future.