Binance.com to add fiat pairs; starting with Russian rubles ‘in about two weeks’


Quick Take

  • Binance.com is soon adding support for fiat trading, starting with Russian rubles
  • Speaking in Moscow, Binance CEO CZ said that in “about two weeks,” Binance.com should have support for Russian rubles
  • Last week, euro and British pound pairs were quietly added to Binance’s API 
advertisement

Binance.com, the largest crypto-to-crypto exchange, is preparing to add support for trading between fiat and crypto — starting first with Russian rubles. 

Binance CEO Changpeng Zhao “CZ” announced the news at the Open Innovations conference in Moscow, Russia on Monday, saying: “In about two weeks or so, we should have support for Russian rubles trading directly. So you [will be able to] buy cryptocurrencies on Binance.com using rubles."

Just last week, on Oct. 16, Binance quietly added euro (EUR) and British pound (GBP) pairs to its application programming interface or API.

Binance intended to launch a fiat-to-crypto exchange in Russia earlier this year, among other countries. So far, the exchange has launched four international fiat-to-crypto exchanges - in Uganda, Jersey, Singapore and the U.S.

The Block has reached out to Binance for a comment on the new initiative and will update this story if the firm responds. 

Binance has been expanding its fiat gateways, giving users more options to buy cryptocurrencies. Last month, the exchange partnered with London-based payments processor Koinal for a fiat gateway, which allows users to purchase cryptocurrencies with Visa and MasterCard debit and credit cards, as well as via wire bank transfers. Binance also has similar partnerships with Simplex, Paxos and TrustToken for its fiat gateway channels.

CZ said at the time that Binance will "continue to build fiat-to-crypto gateways in our effort to increase accessibility and adoption of crypto.”


© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC
More