Binance, one of the world’s largest cryptocurrency exchanges by traded value, will soon allow customers to convert digital tokens into fiat currencies such as the euro, according to Chief Executive Officer Zhao Changpeng.
The venue will allow euro trading later this year from its Malta operations, Zhao said by phone on Monday. He plans to add other fiat currencies, he said, without providing details. Binance said in March it would set up a base in Malta.
Many of the most popular virtual currency venues only provide crypto-to-crypto trading, which is subject to less regulatory scrutiny but limits customers’ ability to cash out. Offering a fiat currency would be a first for Binance as it looks to build on its rapid growth.
