Binance adding fiat

[conex]

''The direct fiat-to-crypto trading facility was first revealed by Binance CEO Changpeng "CZ" Zhao on Oct. 21. In a recent Twitter ask-me-anything (AMA) session, CZ said that adding fiat on-ramps around the world is “very important for lowering the barrier to entry” and that users can expect “more pairs very soon.”
Thoughts?

[clickerz]

''The direct fiat-to-crypto trading facility was first revealed by Binance CEO Changpeng "CZ" Zhao on Oct. 21. In a recent Twitter ask-me-anything (AMA) session, CZ said that adding fiat on-ramps around the world is “very important for lowering the barrier to entry” and that users can expect “more pairs very soon.”
Thoughts?

Is it another term for stable coins? I think stable coins solve this already like USDT and some others which have equivalent to fiat. If this happens this is good, more pair option for traders and hopefully easy bashing out direct to bank account if ever. Good for binance they continue to innovate.

[OmegaStarScream]

They've announced that they officially support the Turkish lira yesterday as well. So for now, the supported currencies are Kazakhstani tenge (KZT), Russian ruble (RUB), Nigerian naira, Ukrainian hryvnia (UAH) and the Turkish Lira. Even though I'm not a big supporter of centralized fiat platforms and the enforced KYC, what Binance is doing is definitely admirable, because by supporting more currencies (other than the USD, EUR & GBP), they are actually helping to spread crypto and making it easier to access.

[BTCGOLD]

They've announced that they officially support the Turkish lira yesterday as well. So for now, the supported currencies are Kazakhstani tenge (KZT), Russian ruble (RUB), Nigerian naira, Ukrainian hryvnia (UAH) and the Turkish Lira. Even though I'm not a big supporter of centralized fiat platforms and the enforced KYC, what Binance is doing is definitely admirable, because by supporting more currencies (other than the USD, EUR & GBP), they are actually helping to spread crypto and making it easier to access.

Ofcourse that supporting different than most popular fiat currencies is very good for whole cryptocurrency market. However, I am afraid that soon it may turn out that they will either have to remove them or start to require KYC verification. I hope that they checked everything well and nothing like that will happen.. I would not like it ..

[enhu]

Its more like combining the markets, FOREX and cryptocurrencies into one and I suppose we should be seeing some MT4 software later on where BTC and all other altcoins are present there in their lists.

They've announced that they officially support the Turkish lira yesterday as well. So for now, the supported currencies are Kazakhstani tenge (KZT), Russian ruble (RUB), Nigerian naira, Ukrainian hryvnia (UAH) and the Turkish Lira. Even though I'm not a big supporter of centralized fiat platforms and the enforced KYC, what Binance is doing is definitely admirable, because by supporting more currencies (other than the USD, EUR & GBP), they are actually helping to spread crypto and making it easier to access.

So its not just the major fiat currencies which is quite good at least because its going to give access to regular people. Hope to see my country's currency to be there too.

[conex]

''The direct fiat-to-crypto trading facility was first revealed by Binance CEO Changpeng "CZ" Zhao on Oct. 21. In a recent Twitter ask-me-anything (AMA) session, CZ said that adding fiat on-ramps around the world is “very important for lowering the barrier to entry” and that users can expect “more pairs very soon.”
Thoughts?

Is it another term for stable coins? I think stable coins solve this already like USDT and some others which have equivalent to fiat. If this happens this is good, more pair option for traders and hopefully easy bashing out direct to bank account if ever. Good for binance they continue to innovate.

I think so, more pairs is always a godd things. Binance is really doing a good job in inovating..

[conex]

They've announced that they officially support the Turkish lira yesterday as well. So for now, the supported currencies are Kazakhstani tenge (KZT), Russian ruble (RUB), Nigerian naira, Ukrainian hryvnia (UAH) and the Turkish Lira. Even though I'm not a big supporter of centralized fiat platforms and the enforced KYC, what Binance is doing is definitely admirable, because by supporting more currencies (other than the USD, EUR & GBP), they are actually helping to spread crypto and making it easier to access.

Seems like their goal involves spreading crypto big time around the world and that's a way to go for easier access for everyone. Way to go crypto!

[1Referee]

However, I am afraid that soon it may turn out that they will either have to remove them or start to require KYC verification. I hope that they checked everything well and nothing like that will happen.. I would not like it ..

It's only a matter of time before they start enforcing kyc verification throughout their whole set of services. First important sign of them squeezing out non kyc users is them lowering the daily withdrawal limits (currently people can withdraw 2BTC per day). Other exchanges have followed the exact same route.

I'm quite sure that Binance already roughly knows when it will start doing so. Everything they have done thus far was planned well ahead. It will be a surprise to those using Binance, not the exchange itself.

[mole0815]

''The direct fiat-to-crypto trading facility was first revealed by Binance CEO Changpeng "CZ" Zhao on Oct. 21. In a recent Twitter ask-me-anything (AMA) session, CZ said that adding fiat on-ramps around the world is “very important for lowering the barrier to entry” and that users can expect “more pairs very soon.”
Thoughts?

as mentioned before, i think it's very positive if binance extends the FIAT options. a quick pay-in and pay-out is pretty much the most important thing.
so i like to use kraken myself. because it works smoothly and very fast. and if it's not just EURO and USD, other countries will soon be able to play along, too

[sikke]

I think that it'll change their landscape altogether.

They're going to strive for more regulation at this rate, looking at their attitude towards fostering fiat integration. I think that we should expect a lowering or even the cancellation of the 2 BTC daily limit for anonymous accounts soon, or at least not be surprised by it.

Fiat integration has been an issue for semi-anonymous exchanges for years. Every time an established exchange decided to integrate some form of fiat, they had to sacrifice some convenience for their anonymous users.

[conex]

However, I am afraid that soon it may turn out that they will either have to remove them or start to require KYC verification. I hope that they checked everything well and nothing like that will happen.. I would not like it ..

It's only a matter of time before they start enforcing kyc verification throughout their whole set of services. First important sign of them squeezing out non kyc users is them lowering the daily withdrawal limits (currently people can withdraw 2BTC per day). Other exchanges have followed the exact same route.

I'm quite sure that Binance already roughly knows when it will start doing so. Everything they have done thus far was planned well ahead. It will be a surprise to those using Binance, not the exchange itself.

Interesting thoughts. Don't know what to think after the scandal with ''police'', whole thing looks quite vulnerable to manipulation. Binance's not even top5 ranked by volume in last three days. Can be a concern...

[joniboini]

Interesting thoughts. Don't know what to think after the scandal with ''police'', whole thing looks quite vulnerable to manipulation. Binance's not even top5 ranked by volume in last three days. Can be a concern...

A rank on what website?

Just so you know, volume is highly manipulative and I'm pretty sure most rankings aren't accurate. Might be better to use website visits and unique visits to measure which exchange is the most popular.

Fiat integration has been an issue for semi-anonymous exchanges for years. Every time an established exchange decided to integrate some form of fiat, they had to sacrifice some convenience for their anonymous users.

They probably don't care about how their customers feels as long as they can get more money. No KYC exist because they need to get volume imo, so it can be removed anytime without prior notice.

[Harlot]

Great thing about this is the traders would have a better option of selling it directly to fiat rather than just choosing one of those USD stablecoins which I think isn't a better option compared to reak Fiat. One of the problems I see in this is wouldn't this count as some kind of foreign exchange? Because if they add several fiat currencies it would automatically make them as some kind of crypto forex hybrid exchange which I highly believe that they would ve violating some regulations when it comes to SEC. I doubt that this will be an easy path for them.