Binance is barely a year old but it has been known to the pace for the majority of the cryptocurrency exchanges. Significantly, it is the largest crypto exchange company in the world when considering trading volume. This giant exchange platform is making plans to offer the users an opportunity to trade crypto to euro pairs.
According to a news article by Bloomberg, the trading pairs will be added before the end of this year and will be executed from the operating office in Malta. The Chief Executive Officer Zhao Changpeng also added that plans are underway to have other fiat currencies trading against cryptocurrencies as well. Although the CEO did not give much detail while speaking to Bloomberg on phone on Monday, the crypto exchange had announced earlier in the year of the intentions to move operations to the Island country, Malta.
There are only a few exchanges that offer crypto to fiat trading. The majority of exchanges prefer to stay away from the regulatory arms of the governments. However, crypto to crypto trading, which is almost the norm in the digital industry limits the customers when they need to cash out. Binance, though the largest exchange does not offer crypto to fiat trading up until now. Crypto to euro trading will be one of the first on the exchange and will definitely open the door for more crypto to fiat trading pairs in future.
Binance is focused on ensuring that it is growing and achieving more in terms trading volume, latest technology as well the user experience. It was started in July 2017 and reported a profit of $150 million in the initial three months. Binance has approximately 9 million active users while its daily trading volume falls in the $1.4 billion to $1.5 billion range. The exchange has experienced constant growth when compared to the 2 million customers they had at the beginning of 2018.
While the majority of the coins and altcoins have been hit extremely hard by the selloff in the first quarter of the year, Binance growth has been more or less been unstoppable. Bitcoin price has lost over 50% of its value recorded last in December. Moreover, the there was another severe deep last weekend where Bitcoin lost over 10% in a single day to test the lows in April at $6,450. The entire cryptocurrency market, on the other hand, witnessed at least $41 billion wiped off from the market.
The move by the Commodities Futures Trading Commission (CFTC), where it requested to have the trading data from several exchanges including but not limited to Coinbase and Kraken could have been a regulatory scare that culminated into the weekend selloff. The regulator is investigating instances of price manipulation leading to high volatility in Bitcoin Futures. Alongside the investigation, Coinrail, a crypto exchange based in South Korea was hacked in the same weekend. This might have contributed to the selloff as well, besides it was rumored that $40 million was stolen, but the exact about has not be released.
The CEO of Binance, Zhao Changpeng said that Jersey, based in the Channel Islands, could soon grant them a Trading License. Binance will set up an office in Jersey with a staff base of at least 100 people. Consequently, the company is in discussions with various banks and authorities in Taiwan.
The market is still in the red, although a few assets are showing signals of recovery in the short-term. Bitcoin is up 1.22% in the last 24 hours while trading at $6,888. Ethereum seems to be consolidating above $530 in the near-term, bulls lack the momentum to retrace higher. Ripple has shown the potential to jump back above $0.60, but it is still exchanging hands at $0.594. Bitcoin Cash was forced to go back to the drawing board below $1,000, currently trading at $949. EOS completes the top five assets trading at $11.31. Most of the other cryptocurrencies are fighting to shake off the bear pressure while battling for higher consolidations.