Binance adds support for euro, bringing the total to 5 currencies for its direct fiat-to-crypto trading facility

Exchanges • November 11, 2019, 4:45AM EST
UPDATED: November 11, 2019, 9:34AM EST
Akio Kon/Bloomberg via Getty Images

Cryptocurrency exchange Binance has added support for euro (EUR) for its direct fiat-to-crypto trading facility, according to an announcement Friday.

The exchange has also added support for Ukraine’s and Kazakhstan’s fiat currencies - hryvnia (UAH) and tenge (KZT), respectively, as The Block broke the news last week. The three new additions bring the total of supported fiat currencies to five, including Nigerian naira (NGN) and Russian ruble (RUB).

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Like RUB, the support for EUR, UAH and KZT has been enabled via Gibraltar-headquartered electronic payments platform AdvCash, per the announcement. With the four currencies, Binance users will be able to buy and sell bitcoin (BTC), ether (ETH) and XRP directly using their Binance wallet balance.

The direct fiat-to-crypto trading facility was first revealed by Binance CEO Changpeng "CZ" Zhao on Oct. 21. In a recent Twitter ask-me-anything (AMA) session, CZ said that adding fiat on-ramps around the world is “very important for lowering the barrier to entry” and that users can expect “more pairs very soon.”

Binance continues to expand channels for its fiat gateway. Currently, there are six such channels - via Koinal, Simplex, Paxos, TrustToken, Flutterwave and AdvCash.

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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.