Binance CEO Changpeng Zhao announced that the exchange giant will soon be allowing users to exchange crypto for Euros from its operations in Malta. Zhao also made mention of plans to add other fiat currencies but did not provide any further details.
Binance, being the largest cryptocurrency in the world by trade volume, aims to build upon its growth by offering this rare trading feature. Most of the more popular cryptocurrency exchanges do not offer crypto-to-fiat trading, limiting user’s ability to cash their earnings out.
Providing its 9 million users with an easier means of cashing out will not come easy. Crypto-to-crypto trading is the common exchange offering because it is easier to deal with regulation-wise. Crypto-to-fiat trading would mean more regulations and KYC and AML policies would need to be applied to operations.
According to Zhao, the exchange goes through an average daily trading of $1.4 billion – $1.5 billion. Adding a crypto-to-fiat exchange feature may further increase this figure.
Binance is rapidly expanding with eyes set on Channel Islands for its newest venture. Zhao says that Binance is planning on opening an office there with 100 staff.