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

Exchanges • October 23, 2019, 2:32AM EDT
UPDATED: October 23, 2019, 11:24AM EDT
Akio Kon/Bloomberg via Getty Images

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.

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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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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.