Binance, the world's largest cryptocurrency exchange, has stayed ahead of the curve in recent months with plans to work with banks and potentially introduce fiat trading pairs, something that is sure to make a big impact on the market if implemented.
At the moment, investors typically have to buy high cap coins like Bitcoin or Ethereum on exchanges like Coinbase and then withdraw funds to other exchanges in order to buy altcoins, all of which costs time and money in the fast-paced world of crypto trading. The fiat trading pair option would open up the market to many new investors put off by the inaccessibility of the current system.
Binance has shown itself to be a forward-thinking company with plans for long-term growth, evidenced by their recent announcement of their plans to move to Malta to escape regulatory pressure in Japan and develop their platform. They are joined by Bitfinex which is relocating from Asia to Switzerland to enjoy more crypto-friendly regulation.
However, while Binance is working with banks and exploring fiat trading options, they corrected claims earlier today that they will be allowing users to buy digital assets with US dollars.
The reports are “fake news,” a spokeswoman said by email.
Binance CEO Changpeng Zhao confirmed the report an hour ago on Twitter.
While we can't predict the future, others keep attempting it on us. Both "news" are not accurate. We are working with banks (to potentially support fiat), but no plans for USD in the short term. No xvg or xpr involved. Be careful around predictive "crystal ball" news.
— CZ Binance (@cz_binance) April 20, 2018
This is contradictory to multiple articles and reports from various media outlets and Twitter accounts that flooded the crypto news space on Friday, which may well have caused an upward trend in a number of altcoins.
While plans for fiat pairs may be in the pipeline, there are no plans at the moment to include USD. The market has seen a significant rally over the last 24 hours, continuing an upward trend that emerged over the last two weeks, with Ripple and Bitcoin Cash both seeing an increase of over 15 percent.