Binance adds support for five more fiat currencies

One of the world’s largest crypto exchanges, Binance, already offers quite a few fiat currencies in addition to its rich crypto offering. However, the exchange continues to work on constantly bettering itself. The most recent move towards that goal included the listing of five additional fiat currencies earlier today.

Binance adds five new fiats paired against six cryptos

In a new announcement from earlier today, Binance revealed the addition of new traditional currencies. The added fiats include national currencies of Colombia, Kenya, Peru, South Korea, and Kazakhstan.

Now, traders from all these countries can deposit their funds directly. They no longer have to buy USD, EUR, and other previously supported fiats.

Traders can easily deposit the money directly by using their credit and debit cards. The new move comes as part of Binance’s goal to add over 180 new fiats before the year ends.

The new currencies will have as many as six coins paired against them. The coins in question include BTC, ETH, BCH, XRP, and two stablecoins — BUSD and USDT.

Binance’s plans for the future

Many may remember that Binance promoted itself as a crypto-to-crypto exchange in its early days. As such, it started spreading to all areas of the crypto business. Then, it started listing crypto-fiat pairs last year. Right now, it is working on further expanding fiat-based pairs, just like it is expanding its presence through subsidiaries.

Meanwhile, Binance is also working on entering new, untapped markets. Some examples include its acquisition of Indian exchange WazirX. Binance purchased it late last year, sensing that the Indian market holds great untapped potential.

Further, due to the crypto ban that the Indian central bank introduced in 2018, banks could not provide services to crypto firms. The ban is currently no longer in effect. Even so, Binance is still among the early movers to India, and as such, it holds a lot of influence in the country.

It is also making a move to enter the Turkish market, and potentially Russian, as it listed both of these countries’ fiats. It is also known that one of its plans is to open a local exchange in South Korea, after its acquisition of BxB.

Binance is even offering P2P trading against Chinese yuan, among other fiat currencies. However, recent announcements also revealed plans to launch its own mining pool. Also, it recently acquired CoinMarketCap for $400 million, which one of the most expensive crypto deals with date.