Binance Eyes Euro Trading Pairs This Year

News and Analysis

Binance, one of the world’s most popular and most successful cryptocurrency exchanges, plans to offer traders the ability to trade cryptocurrencies for euros with other fiat currency trading pairs in the works.

According to Binance CEO Zhao Changpeng, the company will allow euro trading later this year from its Malta operations. The exchange plans to add other fiat currencies, but no specific details are provided at this moment, Bloomberg reports.

Launched in July 2017, Binance made a $150 million profit in the first quarter 2018, with daily trading averaging between $1.4 billion and $1.5 billion, Zhao said. The company has 9 million users, he said, compared with more than 2 million at the start of the year.

Zhao also revealed that Binance will soon receive an exchange license from Jersey in the Channel Islands, and plans to open an office there with as many as 100 staff. The company is also in talks with authorities and banks in Taiwan.

Today’s announcement follows the exchange’s relocation to Malta earlier this year. This tiny island country in the Mediterranean is considered one of the world’s most cryptocurrency-friendly locations from a business perspective.

The exchange recently invested in Malta-based chiliZ, a blockchain esports company, to bring blockchain technology to the gaming industry. Besides, Binance is set to launch a $1 billion fund for cryptocurrency and blockchain technology startups.

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