By
Chimamanda U. Martha
April 25th, 2024
Binance CEO Changpeng “CZ” Zhao announced that they are preparing for launching fiat options, including the Russian ruble.
Popular crypto exchange Binance which has been working on a fiat trading solution for its customers is finally ready to launch. To kick-start this innovation, the exchange will work with Russian rubles in the beginning phase.
This interesting development was made public on Monday by Binance CEO, Changpeng Zhao, at the Open Innovations conference held in Moscow, Russia. He revealed that in the next two weeks the fiat trading option for Russian rubles should be available on the exchange, making it possible for customers to purchase digital assets using rubles.
Binance Relentlessly Pursues Global Crypto Adoption
Binance has had a very busy year, making a lot of upgrades to its services. Just recently, on October 16, the EUR/GBP pairs were added by Binance to its Application Programming Interface (API).
Binance, the largest crypto exchange on the planet, has continued to make more fiat gateways a possibility so that users will have more means of crypto purchase. The exchange got into a partnership last month with Koinal, a London-based payments processor, for a fiat gateway, which enables users to buy digital assets with MasterCard and Visa credit and debit cards, and also by means of wire bank transfers. In addition to the Koinal partnership, Binance also has agreements with TrustToken, Simplex and Paxos for its fiat gateway channels.
Binance.US Provides Insurance for Dollar Deposits
Binance.US, an arm of Binance exchange that is focused on the United States, stated that dollar deposits from its customers will begin to enjoy insurance coverage from the Federal Deposit Insurance Corporation (FDIC).
The US-focused exchange announced via a blog post on October 18, that all of its US dollar deposits are kept in pooled custodial accounts in several banks that have FDIC insurance, an agency backed by the US government which safeguards consumers and the United States financial system at large.
Established in 1933, the FDIC has ever since been a source of confidence to the US financial system by providing all-round stability. Today, the FDIC offers insurance to deposits to the tune of $250,000.
Binance Increases Its Margin Leverage
The Binance futures platform is raising the maximum margin and leverage on Bitcoin (BTC)/Tether (USDT) contracts to 125x. Changpeng Zhao confirmed that Binance started accepting fiat money via Alipay, an online payment service and WeChat, a mobile messaging and payment app.
The CEO made it clear that the two platforms are not directly linked to Binance but their services are available to users for peer-to-peer transactions.