Binance Announces Russian Ruble as First Fiat-Crypto Trading Option
- Trading Russian Rubles for cryptocurrency should be available in about two weeks time.
- Stablecoins pegged to popular cryptocurrencies such as XRP and BCH are constantly being added to Binance Dex.
One of the biggest crypto exchanges by trading volume, Binance, will soon add support for its first fiat-to-cryptocurrency trading pairs.
During the Open Innovation 2019 conference in Moscow, Binance’s CEO Changpeng Zhao (CZ) announced that the exchange will soon add fiat options, and that it will start with the Russian Ruble:
“We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian rubles trading directly. So you can buy cryptocurrencies on Binance.com using rubles.”
Although Binance has opened international crypto-fiat exchanges in Uganda, Jersey, Singapore, and the U.S., its primary service, binance.com, has only been supporting crypto-to-crypto trading so far.
These four exchanges were opened as part of Binance’s reported plan of expanding to eight new countries. In the meantime, Binance continues to list cryptocurrency-pegged tokens on its decentralized exchange, Binance Dex.
A week ago, it added XRP-BF2, which is pegged to the price of Ripple (XRP), to its decentralized exchange platform, while today it announced the BCH-1FD, which is pegged to the value of Bitcoin Cash.
- 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.