Media: Binance Considers Opening Fiat-Crypto Exchanges In Russia And Other Countries
The Binance cryptocurrency exchange is actively pursuing the goal of providing people around the world with the opportunity to buy digital currencies for fiat. And if its first such initiative, which consisted of launching a crypto-fiat division in Uganda in October 2018, caused rather bewilderment, then the second turned out to be much more convincing. This week, Binance announced the launch of a new Jersey trading platform that will allow residents of the European region to buy Bitcoin and Ethereum with Euros and Pounds..
As The Block found out, the company’s plans are not limited to this. According to the portal, Singapore, Malta, Russia, South Korea, Liechtenstein, Argentina and Turkey are considered among potential jurisdictions for opening new crypto-fiat platforms, and the launch of the first two of them is scheduled for this year, and the rest are under the tag “scheduled “. In addition, the issue of launching the same platform in Bermuda is “under consideration”.
The information provided is consistent with what was previously said by the CEO of Binance Changpeng Zhao. At Consensus Singapore in September, he announced that he would like Binance to have 5-10 crypto-fiat marketplaces in a year, ideally two per continent. It is assumed that in Russia, as in other regions, the new trading platform will support the local fiat currency.
“The CEO of Binance is very smart when it comes to regulatory arbitration. He plans to support fiat in the following way: (1) Use separate legal formations in different countries of the world. (2) They will only support Bitcoin and Ethereum, which will reduce regulatory overhead, ”writes developer Matt Odell.