Binance Continues to Expand - with Fiat-to-Crypto Exchanges
Binance continues to expand - with fiat-to-crypto exchanges
The expansion course of one of the largest crypto exchanges has no end. It has now become known that Binance plans to open offices on five continents within 12 months. Although the company is primarily known for crypto-to-crypto trading, the new locations are designed to adopt a different approach. Accordingly, Binance CEO Changpeng Zhao wants to focus more on fiat-to-crypto trading.
Binance CEO Changpeng Zhao announced further expansion plans for his crypto exchange at Consensus, the Crypto and Blockchain Fair held in Singapore from 19 to 20 September. After Binance has already opened new locations in Malta, Uganda and Liechtenstein this year, further locations are to be developed. However, the stock market will focus on fiat-to-crypto trading.
Five continents in 12 months
With five to ten fiat-to-crypto exchanges spread across five continents, Binance intends to pursue its expansion path within the next twelve months. Only on September 18, a similar beta test in Singapore started as Zhao three days earlier "accidentally" revealed:
The motivation behind it Zhao explains that the market capitalization in the crypto market is still significantly lower than traditional financial instruments:
"Fiat is still there where all the money is. ... and we have to open this gate. "
Binance plans to continue working with smaller countries such as Malta, as they can respond much more efficiently:
"You gain access to senior government officials and they respond to your questions more directly and efficiently. [...] And they appreciate the investments you bring to the local economy. "
However, the Binance CEO noted that the introduction of fiat-to-crypto exchanges could be much more difficult than with pure crypto exchanges, due to the processes of collaboration with banks and regulators. Nevertheless, he hopes to be able to open a fully functioning fiat-to-crypto exchange within a few months. However, this should not mean a complete turnaround from pure crypto-trading. Zhao still wants to build a decentralized crypto exchange "as technology matures".