Binance Cryptocurrency Platform To Introduce Exchange Operation in Euro And Other Fiat Currencies

Binance cryptocurrency exchange platform will offer its customers the option of trading in Euro and other fiat currencies, according to Zhao Changpeng, its chief executive officer, in an interview with the Bloomberg news agency.

Changpeng said on Monday, June 11th, that Binance will allow the exchange with Euros at the end of 2018 and will add other fiat currencies, although he did not indicate which ones. These operations will be carried out through the headquarters of the Binance cryptocurrency exchange platform’s offices in Malta.

This exchange platform is the third with the highest volume of exchange worldwide and handles 12% of the total amount of the cryptocurrencies market, being surpassed only by OKEx and bitFlyer, according to data from Coinhills.

In March, Binance suffered an attack on its platform that led to a massive unauthorized sale of coins by a group of users through a malicious bot. However, this event did not negatively affect the performance of the bureau de change, which continues to be used by a large number of investors.

Binance will allow exchange operations in Euro and other fiat currencies via its offices in Malta

The Maltese government has expressed its interest in creating a legal framework to encourage the development of projects using blockchain technology, as well as the use of cryptocurrency, according to the Minister for Financial Services, Digital Economy and Innovation, Silvio Schembri, at the end of April.

The Executive has already approved and presented to the legislative body three bills to regulate operations with cryptocurrency, cryptocurrency exchange platforms, and blockchain, without limiting their potential.

Thanks to this plan, large companies in the sector are moving their operations to the European country, including OKEx and Binance.

After this move to Malta, Zhao Changpeng said that “after reviewing the draft law, we are convinced that Malta will be the next seedbed for innovative blockchain companies and a center of the blockchain ecosystem in Europe.”

Now, Binance cryptocurrency exchange platform will allow exchange operation in Euro and other fiat currencies via its headquarters established in Malta.

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About the Author: Anna Galvez

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