Binance Adds 15 Fiat Currencies as Exchange Pushes Global Expansion

Published on by Coindesk | Published on

Binance has added payment support for 15 fiat currencies in a major push to corner local markets.

The Malta-based cryptocurrency exchange announced Friday that users can now purchase cryptocurrencies with a longer list of supported fiat currencies through its integration with Israeli fiat payments processor Simplex.

The new integration provides gateways for currencies including the Swiss franc, Korean won and Australian dollar, as well as the Polish zloty and South African rand.

Supported fiat currencies will be paired with Binance's base cryptocurrencies - the assets the exchange uses for its default trading pairs.

These currently include bitcoin, ether, XRP, as well as some selected fiat currencies, including the U.S. dollar and the Nigerian naira.

Data collected for CoinDesk suggests fiat volumes only make up a tiny fraction of Binance's trading activity.

With 30-day average daily volumes at around $3.55 billion, only $3.5 million of that was in fiat.

Simplex first partnered with Binance in January 2019, allowing users to purchase cryptocurrencies with credit and debit card payments denominated in euros, U.S. and Canadian dollars, and Japanese yen.

Encouraging users to trade in their local currency could enhance Binance's global appeal.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.