Binance Enables GBP Faster Payments Service; Adds Support for AUD and THB

Leading cryptocurrency exchange Binance has added support for two new fiat currencies for its direct fiat-to-crypto buying options, and enabled the U.K.’s Faster Payments Scheme (FPS) for British pound (GBP) transfer.

Binance has announced it’s enabling the U.K.’s Faster Payments Scheme, which will allow Binance users to make “near-instantaneous low-fee” GBP bank transfers to and from the trading platform. The FPS is a banking initiative in the country that reduces payment times  between banks’ customers from a few working days to mere seconds.

Currently, only a small amount of cryptocurrency exchanges enabled FPS. These include Coinbase, Blockchain.com’s The Pit, Coinfloor, and CEX.io. Binance’s CEO Changpeng Zhao was quoted as saying:

We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto.

According to another announcement published by the cryptocurrency exchange, via an integration with Satang, a leading regulated digital asset exchange in Thailand, it’s adding the country’s fiat currency Baht (THB) to its fiat-to-crypto gateway.

Similarly, via a partnership with Banxa the exchange is adding support for the Australian dollar (AUD), allowing its users to buy bitcoin (BTC) and ether (ETH) directly via bank transfers, or with debit and credit cards.

Banxa’s CEO, Holger Arians, noted that the firm allows “crypto exchanges, wallets and other crypto platforms to offer instant fiat to crypto conversions.” Banxa currently serves cryptocurrency wallet Edge and Hong Kong-based exchange KuCoin as well.

As CryptoGlobe reported, Binance has revealed it plans on adding support for 180 fiat currencies this year, to make it easier for users to buy cryptocurrencies directly with fiat. So far, it has added support for some major currencies, including the Turkish Lira (TRY), the Russian ruble (RUB), the European euro (EUR), the Ukrainian hryvnia (UAH), and the Kazakhstani Tenge (KZT).

For some of these currencies, it has even launched fiat-to-crypto trading pairs. Last week, it added six new trading pairs for the EUR, letting users trade it against two stablecoins, and against bitcoin, ether, BNB, and XRP.

Featured image via Pixabay.