Binance to use third-party services for providing direct fiat-crypto trading, says CEO


Cryptocurrency exchange Binance’s upcoming direct fiat-to-crypto trading facility, starting with Russian rubles, will be provided through third-party services.

The information was revealed by Binance CEO Changpeng “CZ” Zhao, in an interview Tuesday with Russian news outlet RBC. CZ did not disclose the names of those third-party services.

The Block broke the news earlier this week that Binance.com is preparing to add support for direct trading between fiat and crypto on its platform.

Binance is also planning to issue debit cards tied to users’ exchange accounts, CZ said in the RBC interview. Currently, the exchange facilitates debit card crypto purchases via third-party services such as Simplex and Koinal.

In the RBC interview, CZ also said that he believes Vladimir Putin, President of Russia, is the most influential person in the blockchain space. Later, in a tweet, the CEO said that it was "a casual humor half-joke." CZ also believes that Russia will soon adopt a bill on cryptocurrency regulations.

Further, CZ advised people engaged in crime to stay away from Binance, stating: “As a rule, we do not massively provide information to any regulator. But in individual cases - yes ... therefore, if you are engaged in crime, you do not need to register for Binance.”

Interestingly, CZ also said that he considers Binance to be the next Amazon or Facebook.

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Oct 15, 2021, 2:54AM UTC