Binance Adds Support For 15 New National Currencies
- The new fiat gateway comes thanks a partnership with crypto asset and fiat money institutional custodian Etana Custody.
- Until 5 August, Etana will wave off all custody and deposit fees for sums of $1,000 or higher.
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Popular cryptocurrency exchange Binance now supports deposits in 15 different fiat currencies thanks to a new partnership with settlement provider Etana Custody, the firm said in a blog post on 7 July.
According to the announcement, the new partnership will allow Binance users to choose between 15 different national currencies when fueling their accounts, with the new fiat gateway serving the Europe, Asia, North America and Oceania markets. The announcement further stated that Etana provides Know Your Customer (KYC) and Anti Money Laundering (AML) standards, which are compliant with the Bank Secrecy Act.
Binance’s CEO, Changpeng Zhao (CZ), said in a statement:
“We are pleased to introduce this new fiat gateway through Etana Custody. The integration helps make access to digital assets more effortless for people across the European, Asian, North American and Oceanian markets.”
Thanks to Etana Custody, Binance users can now choose to make deposits in currencies such as United Arab Emirates Dirham (AED), Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Czech Koruna (CZK), Euros (EUR), British Pound (GBP), Hong Kong Dollar (HKD), Danish Krone (DKK), Hungarian Forint (HUF), Mexican Peso (MXN), Norwegian Krone (NOK), New Zealand Dollar (NZD), Polish złoty (PLN), and Swedish Krona (SEK).
In order to have access to all the new fiat options, Binance users will first need to create and fund their Etana accounts. Once users link both their accounts, they can initiate a fiat deposit request on Binance, which will have their Etana fiat balance credited to their Binance account, instantly and free of charge.
The new partnership comes with a promotional offer from Etana, which will wave all custody and deposit fees for sums of $1,000 or higher until 5 August, though a $35 bank wire transfer fee will still apply. While the minimum deposit and withdrawal limit has been set at $150, the maximum limit is determined by the corresponding Binance account level.
Etana’s CEO, Brandon Russell, said in a statement:
“We share the vision of Binance in providing users with a seamless fiat to digital currencies experience and providing broader access to digital markets. By partnering with Binance, Binance users will be able to trade digital currencies on Binance while maintaining their fiat balance on Etana Custody, furthering our mission to provide financial solutions for financial market participants.”
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.