Binance Plans To Onboard 180 Fiat Currencies

[Chemcrier]

Binance plans to add 180 fiat currencies.

“One of the key things I want to do for the next few months – six to nine months or so – is to get those other 180 onboarded onto Binance.com,” CZ said.

https://micky.com.au/binance-to-onboard-180-new-fiat-currencies/

In your opinion, do you think this is a step in the right direction? Would this play a crucial role in the adoption of Cryptocurrencies worldwide? Binance has always been a pace setter, starting from IEOs to margin trading and now fiat currencies, it's likely that we would be entering an era where other exchanges would be scrambling to onboard fiat currencies too and this would definitely make it easier for people to access Cryptocurrencies from their countries.

[Drai]

Cryptocurrencies are moving at a fast pace, I remember a time when buying Cryptocurrencies with Fiat was a very long process but gradually that changed and now it has reached the stage where you could buy directly from the top Cryptocurrency exchange at the moment, this is a huge development and definitely a step in the right direction for Cryptocurrencies, we might be seeing more and more people picking interest and this is definitely a great development.

[webtricks]

How exactly are they integrating fiat currencies? I read the article but things are not clear enough from it.
If they are providing service to buy/sell Bitcoins with fiat then it is ground-breaking announcement because no company dared to open bank accounts in that many countries. I don't even know if that it feasible for Binance. It is almost impossible to follow so many regulations to be honest.
Else, if they are providing e-version of fiat currencies for forex trading, then I don't think that is any good because we already have several other digital forex trading platforms.

[zeze18]

Binance plans to add 180 fiat currencies.

“One of the key things I want to do for the next few months – six to nine months or so – is to get those other 180 onboarded onto Binance.com,” CZ said.

https://micky.com.au/binance-to-onboard-180-new-fiat-currencies/

In your opinion, do you think this is a step in the right direction? Would this play a crucial role in the adoption of Cryptocurrencies worldwide? Binance has always been a pace setter, starting from IEOs to margin trading and now fiat currencies, it's likely that we would be entering an era where other exchanges would be scrambling to onboard fiat currencies too and this would definitely make it easier for people to access Cryptocurrencies from their countries.

If this project happens without any problems i'm sure binance will be the center of the crypto marketplace and even people can covert their fiat into another country's fiat which is will hook many new potential investors in crypto. I hope they also have the banks options to withdraw our fiat in their exchange

[ololajulo]

Project around liquidity has been a good idea this year, It has been good development to enable easier adoption process of cryptocurrency around the world, its a preparation for some prospective development in the space in coming months. Binance is doing everything to engage all aspect of crypto exchange in the space but I think a more detail and direct approach by some new project will go farther than the binance approach. They are looking into faster transaction, low to zero transaction fee, better app and provide men on ground in these countries for advert and training. Very few sustainable exchanges had existed outside USA, I just hope binance keep staying at the top after next bull run.

[Herbert2020]

In your opinion, do you think this is a step in the right direction? Would this play a crucial role in the adoption of Cryptocurrencies worldwide?

no it won't help with adoption at all, people aren't going to adopt cryptocurrencies just because a random altcoin exchange, no matter how big, started accepting fiat for day tradings! and this is only a step in right direction to make his business even bigger and run a bigger monopoly in altcoin trading business and push other smaller exchanges that may even be better out of the game! and this kind of centralization is very dangerous in this market. it simply gives them too much power to manipulate the altcoin market as they see fit.

[AbuBhakar]

In my country were stocks exchanges were too popular than crypto trading it can be a good start to those who might want to try  if there is an exchange who will act like a stock market in terms of depositing money for transactions. Im just curious if it will be just like upon depositing there will be need to convert it to BTC or any alts before start trading or they will provide fiat alt pairs for trading. But this move update not guarantee that many from stocks will shift to crypto as it is more risky and volatile.

[mersal]

Binance plans to add 180 fiat currencies.

“One of the key things I want to do for the next few months – six to nine months or so – is to get those other 180 onboarded onto Binance.com,” CZ said.

https://micky.com.au/binance-to-onboard-180-new-fiat-currencies/

In your opinion, do you think this is a step in the right direction? Would this play a crucial role in the adoption of Cryptocurrencies worldwide? Binance has always been a pace setter, starting from IEOs to margin trading and now fiat currencies, it's likely that we would be entering an era where other exchanges would be scrambling to onboard fiat currencies too and this would definitely make it easier for people to access Cryptocurrencies from their countries.

Trading crypto currencies will not help for the adoption so no need to get confused with that.

If they are going to implement more fiat deposits and withdrawals then I feel that they want to become monopoly of crypto trading ant its really not good for the traders as well,so people have to be aware of doing trading and risks.But the good thing is you can directly buy fiat and crypto so it can save time and money.

[TGD]

But the funny thing is, Binance keeps moving headquarters to avoid lawsuit and even there home country is not accepting them. It will be good if that plan will be implement knowing that CZ always do what is on his mind. But onboarding 180 fiat currencies is a pain in the ass and requires that binance are fully regulated.

[DeathProxy]

To me this is a welcomed development.  One of the major reasons people faced when it comes to cryptocurrency its that of not being able to convert their crypto tokens to their local fiat which they can use for their day to day activities.  Onboarding this much fiat into crypto exchange will encourage many to see crypto as what they can use i their daily activities and as such will lead to massive adoption of cryptocurrency,  i will say thumbs up to CZ on this innovative development

[Wexnident]

If I understood this correctly, Binance os going to integrate more fiat currencies as possible mediums to exchange cryptos? It's a pretty good idea and Binance seems like it's looking at dominating the world market with this move of theirs, but they honestly have a lot to process with this so that everything could be balanced.

Its a positive thing for crypto, but it's really quite diffucult to implement imo.

[avikz]

Binance plans to add 180 fiat currencies.

“One of the key things I want to do for the next few months – six to nine months or so – is to get those other 180 onboarded onto Binance.com,” CZ said.

https://micky.com.au/binance-to-onboard-180-new-fiat-currencies/

In your opinion, do you think this is a step in the right direction? Would this play a crucial role in the adoption of Cryptocurrencies worldwide? Binance has always been a pace setter, starting from IEOs to margin trading and now fiat currencies, it's likely that we would be entering an era where other exchanges would be scrambling to onboard fiat currencies too and this would definitely make it easier for people to access Cryptocurrencies from their countries.

That's a positive news most certainly! It will help to boost adoption at large scale! But the interesting thing to see now is, how they deal with the regulatory challenges in this process? I am sure a lot of challenges will be thrown to Binance by the country specific regulatory bodies and it will be a big task for the Binance legal team to set the things in right direction!

Second issue they will encounter is the money laundering from international bodies like FATF. Binance's internal processes should be robust enough to capture and flag any such attempt! Interesting learning curve is ahead for people like me who keeps a keen eye on regulatory matters!

[el kaka22]

Well, if they turn into fiat that means they can't really get out of legal things.
It is really just a fiat and they will have to deal with the governments of those nations and laws of those nations and so forth.

I don't know how they are planning to take care of the legal part of the 180 fiat currency but if anyone can do it it is really the binance team because they are making literally MILLIONS of dollars every single freaking day, that means they can literally cover millions of dollars a month for the lawyers and legal stuff because it will definitely cost a lot of money to defend themselves against a lot of people and a lot of countries at all times. If however they could somehow do it, that would really bring them to whole new level to this day.

[pgbit]

Well, if they turn into fiat that means they can't really get out of legal things.
It is really just a fiat and they will have to deal with the governments of those nations and laws of those nations and so forth.

The fact is that many countries worldwide are just neutral when it comes to Cryptocurrencies, they just don't care about it's existence enough to pass any laws about it, since I have been in this Cryptocurrency space, there are some countries that I haven't seen participating in any projects at all and it's safe to say that if some currencies were even integrated, there would be no volume at all because the citizens do not even know that Cryptocurrencies exists talkless of trading it, I guess he is just speaking in the broad sense not because he actually expects to integrate them all into the Binance Exchange.

[Shasha80]

If binance plans to on board 180 fiat currencies are truly realized, this is a big step in the adoption of cryptocurrency worldwide.
Because people from various countries will easily buy cryptocurrency, it is more efficient and very effective if it is implemented.
But I am very sure that binance will make it happen. As we know binance exchanges always do something great for the world of
cryptocurrency, so that it can further increase cryptocurrency investors. Hopefully the fiat of my country can enter in the binance
platform very soon.

[stomachgrowls]

Well, if they turn into fiat that means they can't really get out of legal things.
It is really just a fiat and they will have to deal with the governments of those nations and laws of those nations and so forth.

I don't know how they are planning to take care of the legal part of the 180 fiat currency but if anyone can do it it is really the binance team because they are making literally MILLIONS of dollars every single freaking day, that means they can literally cover millions of dollars a month for the lawyers and legal stuff because it will definitely cost a lot of money to defend themselves against a lot of people and a lot of countries at all times. If however they could somehow do it, that would really bring them to whole new level to this day.

True! Imagining that 180 fiat currencies which they do planned to integrate wont really be that easy yet you would really need to deal legal aspect.
Im not saying this is a bad integration but Binance is trying to step up on the game once again but on general sense on why cryptospace is being created is to
get rid with fiat as minimal as possible so come to think integrating 180 fiat currencies? Is totally or really a contrary of the main motive why crypto does exist.
I know the motive of Binance for full adoption but pretty sure there would be critics for this one.

[Pearls Before Swine]

In your opinion, do you think this is a step in the right direction? Would this play a crucial role in the adoption of Cryptocurrencies worldwide?

I think that's a great move on binance's part.  No idea whether it will increase adoption, but it'll make it much easier for people from different countries to buy crypto with fiat.  Right now I don't think there's any exchange in existence that offers trading with that many currencies.

The big issue with this I think is going to be kyc procedures, which I'm certain will follow when someone plans to use fiat.  Kyc isn't exactly popular, but it may not be as big a stumbling block as I'm thinking it might be.  In any case, I'm all for this but I'm wondering what sort of regulatory BS binance had to go thru in order to get this approved.  180 currencies means a lot of different countries, right?  Even just to accept USD on an exchange, they have to go thru the FCC or some other gov't agency to get it approved.

[ashmodeus]

oh well, binance totally wicked sick.
dominating all sides.
no wonder i got a survey from binance about Fiat Gateways.
by the way, what the point behind this mission ? Totally Centralized ?

[wajik-tempe]

oh well, binance totally wicked sick.
dominating all sides.
no wonder i got a survey from binance about Fiat Gateways.
by the way, what the point behind this mission ? Totally Centralized ?

Yeah i think china or binance want to monopoly all the digital currency in this world, i'm sure they will become the biggest market in crypto history when they implemented fiats from almost all country or even they can have a trading pair fiat/fiat it will make their market not only for crypto currency but become all round trading

[Strongkored]

It is not clear whether the 180 currencies are available for withdrawals, deposits so traders who trade in Binance can directly make deposits using the available currencies, or 180 of these currencies will be available as trading pairs to altcoin. If Binance to plain to implemented the 180 currency for trading pairs there will be many with 0 volume because less interested.

180 currencies is almost the whole amount of currency in the world I just think how they implement it, and usually if Binance manages to make a new breakhtrough will be followed by other exchanges.