Binance, the largest cryptocurrency exchange in the word in terms of traded value, has announced that customers will soon be able to convert their digital tokens into fiat currencies such as Euro.
CEO, Zhao Changpeng has also stated that support for other fiat currencies is in the pipeline after the companies relocation to Malta.
Most of the leading cryptocurrency trading platforms only offer crypto to crypto trading which means less regulatory scrutiny but it impacts the ease of customers “cashing out”. Offering one of the world’s leading fiat currencies is a smart move for Binance as it looks to keep up the momentum of its thus-far rapid growth.
Since its inception almost 12 months ago, Binance has made a staggering $150 million in profit during its first quarter with an impressive daily trading average of around $1.45 billion. There are around 9 million active users at present, an increase of around 7 million since January.
Despite the drop in the value of Bitcoin during 2018 and a market value drop of $42 billion due to a hack at a South Korean exchange this weekend, Binance is going from strength to strength.
Zhao added that Binance will soon be receiving its exchange license from Jersey in the Channel Islands and it is also looking at opening ancillary offices there as well as Taiwan.