[2019-09-28] Binance Co-Founder on Launching Fiat Exchange, Confident in Crypto

[cybersofts]

Binance Co-Founder on Launching Fiat Exchange, Confident in Crypto Market Trend [INTERVIEW]

Yi He, the co-founder and Chief Marketing Officer at Binance, spoke to CryptoSlate in an exclusive interview on how the exchange decided to launch a fiat-enabled trading platform in Singapore, discussed the country’s regulatory frameworks around crypto, and the state of the cryptocurrency market.

Yi He is the co-founder and Chief Marketing Officer of Binance.

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I thought she is a man... She's beautiful, though - LOL 

Since its debut in mid-2017, Binance has experienced exponential growth in terms of daily trading volume and user base, evolving into the biggest cryptocurrency exchange in the global market. In the past nine months, Binance has released a blockchain startup accelerator called Binance Labs, Binance Charity, and a prototype for a decentralized exchange.

Earlier this month, Binance officially announced the launch a fiat cryptocurrency exchange in Singapore, equipped with seamless user experience and fiat (Singaporean dollar) integration. On Binance Singapore, users are able to deposit and withdraw the Singaporean dollar to trade cryptocurrencies with the national currency.

Yi said:

    “Our mission at Binance is to contribute to the development of the blockchain industry by building the infrastructure for the ecosystem. Fiat currencies are a very important part of blockchain transactions. By launching a fiat exchange, we hope to provide users with a more complete user experience, and enable not only the exchange and transaction of fiat currency but also future investments in blockchain projects, media, education and other blockchain fields.”


Source: https://cryptoslate.com/binance-co-founder-on-launching-fiat-exchange-confident-in-crypto-market-trend-interview/

[vit05]

It is always important that these exchanges also operate with a Fiat-Crypto pair. I believe that this way provides more transparency and security to customers. It would be better if they started operating in more countries accepting other fiat pairs. Especially Dolar and Euro.

OP, thanks for post the picture too

[InvoKing]

CZ never doubted and was hardly shaken, and my personal assets are basically all held in cryptocurrency to this day. This is faith.

That's what I called HODL.
With such news, and unless a hack will take a place, Binance will continue leading the crypto world exchanges.

[Slow death]

I do not know what the requirements are for an exchange to add Fiat Exchange, but I am of the opinion that if we have many exchanges like binance, coinbase and some others that allow people to buy bitcoin using their bank accounts, it will be very good, this will cause more fresh money to enter the bitcoin market

It would be better if they started operating in more countries accepting other fiat pairs.

One of the biggest obstacles that prevent them from doing this movement must be due to the laws of other countries, for example see the case of India and other countries that do not accept bitcoin and altcoins

[BitHodler]

It is always important that these exchanges also operate with a Fiat-Crypto pair.

That will eventually lead to less demand for Bitcoin with how trading fiat vs crypto is way more convenient and it doesn't subject you to declining BTC ratios which is where a lot people lose.

While altcoins have reached all time highs based on their fiat value, their BTC ratios were lagging behind so much that it resulted in many investors to lose, and who actually wants that to happen again?

Look at altcoins and their volumes, you'll see that most of it is based on USDT and not BTC, and we can expect this to continue with how more and more exchanges list fiat trading pairs.

[rodskee]

Wow good news that's what i means fiat and crypto tandem combination as currency is very good idea
So we need to accept fiat s is need of the peole for their daily lives use for their expenses

[Lucius]

I think Singapore will be in some way testing project for Binance regarding fiat-crypto pairs, and after that we may see some progress regarding US dollar and euro pairs. It's been over for a while since Binance announced his move to Malta, and it seems that things are progressing very slowly for that matter. Yet I think it's just a matter of time when users in Europe will be able to buy/sell crypto with fiat, and it is important step forward.

But so far users like Binance because it is not like some other crypto exchanges, you can trade without KYC or AML ( at least for some amounts ), but if they start to offering fiat/crypto pairs they will need to accept some extra rules. Some investors and crypto players just say that Binance "lacks regulation and transparency".

[terrific]

She's totally beautiful, a real beauty and brain.
Singapore will definitely play an important role for developing and making the industry grow.
I'm more encouraged with those words coming from billionaires and successful people in bitcoin.

[1Referee]

I'm more encouraged with those words coming from billionaires and successful people in bitcoin.

They are biased though. In that regard, it's better to take everything they say with a grain of salt. Everyone heavily involved in this space tries to sell itself in the best possible way, which for newbies can be a bit overwhelming from time to time, because these people know it all, right? Binance CEO recently said that x1000 returns are still possible as reaction on Vitalik. He has no choice but to say it's possible as exchange.

That will eventually lead to less demand for Bitcoin with how trading fiat vs crypto is way more convenient and it doesn't subject you to declining BTC ratios which is where a lot people lose.

That may be so, but it works both ways. It will also translate into less selling pressure on Bitcoin's market, which is a positive side effect in my book. Bitcoin doesn't only have to swallow its own selling pressure, but also that of altcoin traders not being able to cash out properly, and this might be a step in the right direction.

[veleten]

CZ never doubted and was hardly shaken, and my personal assets are basically all held in cryptocurrency to this day. This is faith.

That's what I called HODL.
With such news, and unless a hack will take a place, Binance will continue leading the crypto world exchanges.

yes she puts her money where her mouth is
a lovely woman and a fantastic enterpreneur-it is not an easy task to run a cryptoexchange
and even harder to run a top exchange, hope Binance stays one of the best places to trade for a long time
but with this sort of attitude from the bosses I'm sure they will stay top
p.s. edit the date of the topic, this article is not from the future

[cryptofonia]

Is fiat necessary thing for crypto future?

[mazdafunsun]

That will eventually lead to less demand for Bitcoin with how trading fiat vs crypto is way more convenient and it doesn't subject you to declining BTC ratios which is where a lot people lose.

Ok, it could be true but then again what other way forward there is? More FIAT - crypto exchnage is neded to introduce crypto to more people ( to make them more easily accessable) .

Look at altcoins and their volumes, you'll see that most of it is based on USDT and not BTC, and we can expect this to continue with how more and more exchanges list fiat trading pairs.

I tend to be extremely critical when evaluating Altcoin volumes because signifant amount of those are fake.

[BitHodler]

That may be so, but it works both ways. It will also translate into less selling pressure on Bitcoin's market, which is a positive side effect in my book. Bitcoin doesn't only have to swallow its own selling pressure, but also that of altcoin traders not being able to cash out properly, and this might be a step in the right direction.

Fair enough. I strongly hope that with more actual fiat pairs we will slowly distance ourselves from Tether that might or might not be backed at all. It's in everyone's best interest that Tether becomes less of a thing.

In case it turns out to be one massive scam, the market overall won't suffer as badly.

I tend to be extremely critical when evaluating Altcoin volumes because signifant amount of those are fake.

Definitely true, but doesn't that also apply to Bitcoin? For 'accurate' volumes I only look at exchanges as Coinbase Pro because it's less likely for whales to wash trade into oblivion on highly regulated platforms.

Look at the difference in 24H volumes:

Bithumb $190 million
Binance $166 million
BitFlyer $22 million (highly regulated exchange)
Coinbase Pro $22.5 million (highly regulated exchange)

[terrific]

I'm more encouraged with those words coming from billionaires and successful people in bitcoin.

They are biased though. In that regard, it's better to take everything they say with a grain of salt. Everyone heavily involved in this space tries to sell itself in the best possible way, which for newbies can be a bit overwhelming from time to time, because these people know it all, right? Binance CEO recently said that x1000 returns are still possible as reaction on Vitalik. He has no choice but to say it's possible as exchange.

That's true, those words are what we wanted to hear and its better to hear those words rather than the negative ones.
He has his business and owns a company that largely involved with crypto's so he won't make his business down
by giving such words that can bring fear to the newbies.