Binance – In less than a year it has taken the lead and is now taking it even further
|Founded in July 2017 and quickly becoming the biggest crypto-exchange by trading volume, Binance isn’t stopping there. Binance currently sits in the #1 spot of largest crypto-exchange platforms and has previously been a purely crypto-crypto exchange.
Not long ago Binance said that it was going to start offering Fiat-crypto trading pairs. Shortly afterwards the news was reported that they had open business accounts in Crypto-friendly Malta.
Now it appears that Binance Malta will be the base for offering Crypto-fiat cash-out options, with the first fiat currency to be EUR, with other fiat currencies coming later.
The most popular crypto-crypto trading platforms have remained “crypto-only” to mitigate the regulatory scrutiny inherent in dealing with fiat currencies, but this stance has meant that traders have experienced greater difficulty in cashing-out and realising their profits in real terms. By adding in the ability to trade cryptocurrency for fiat currency, Binance is set to attract many more customers and will probably attract new-comers to the crypto world as a “one-stop-shop” instead of having to find a fiat-crypto broker and then move their money to Binance, with its greater liquidity and trading volumes.
After making a $150 million profit in the first quarter of the year, the dip in the crypto markets has probably not made too much of a dent in their expansion proposals. Binance’s user base has grown from 2 million at the start of the year to a staggering 9 million in less than six months.
In addition to the imminent award of an exchange license in Jersey (Channel Islands), where they intend to open an office housing over 100 staff, discussions are also in progress for opening an exchange in Taiwan.
Digital Jersey has signed a memo of understanding (MOU) with Binance to develop a compliance base and crypto-exchange on the island. Binance will also be cooperating with Digital Jersey to deliver training, as part of their digital skills program, as well as providing other services to help promote blockchain developments and industries in Jersey.
Even with the dip in the cryptocurrency markets, Binance is not complacent when it comes to new developments and providing new ways for their customers to benefit. They will still be at the forefront when the next rally happens, and more investors join the crypto party.
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