Binance plans to support all 180 currencies for its direct fiat-to-crypto trading facility

Exchanges • November 13, 2019, 1:35AM EST
Akio Kon/Bloomberg via Getty Images

Cryptocurrency exchange Binance has plans to support all 180 fiat currencies of the world for its direct fiat-to-crypto trading facility.

Binance CEO Changpeng "CZ" Zhao announced the news at the exchange’s “super meetup” event in Singapore on Tuesday, saying: “One of the key things I want to do for the next few months – six to nine months or so – is to get those other 180 [fiat currencies] onboarded onto Binance.com.”

Through the initiative, Binance wants to give customers “direct access to the large liquidity” available on the exchange, said CZ. The announcement reveals Binance’s strategy that it wants to work with third-party services to add as many fiat/crypto pairs as possible.

Binance currently supports five fiat currencies on its platform - Nigerian naira (NGN) and Russian ruble (RUB), euro (EUR), Ukrainian hryvnia (UAH) and Kazakhstani tenge (KZT). All have been added in the past few weeks via third-party payment platforms AdvCash and Flutterwave.

CZ first revealed Binance’s direct fiat-to-crypto trading facility on Oct. 21. He recently 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 currently supports fiat gateway channels via six third-parties - Koinal, Simplex, Paxos, TrustToken, Flutterwave and AdvCash.

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