Crypto exchange Binance declared plans to permit fiat-crypto trading this year via a separate Malta-based exchange, as reported by a representative.
Binance is currently the second largest cryptocurrency exchange by 24-hour trading volume, seeing about $1.5 bln in trades on the day to press time.
A spokesperson confirmed that crypto-fiat trading would only be accessible through a separate local exchange the company is opening in Malta. Binance Malta will in all probability begin fiat trading with a euro-Bitcoin (BTC) pair, the spokesperson told.
After getting a warning letter from Japanese financial authorities on its unregistered status, Binance had broadcasted the opening of an office in Malta at the end of March.
Last week, Binance CEO Changpeng Zhao in an interview revealed that the exchange has already opened a bank account in Malta, leading the way for the opening of fiat-crypto pairs. During the interview, Zhao pointed out plans to offer fiat-crypto trading in Uganda and Asia in the future as well.
Zhao told Bloomberg today that the exchange will also be opening a crypto exchange in Jersey in the Channel Islands with an office staff of approximately 100, signing a memorandum of understanding with authorities in Jersey today.
At the beginning of June, the exchange had announced the establishment of a $1 bln cryptocurrency-based fund, seeking 20 partners with at least $100 mln in assets under management.
