Binance has a new fiat currency depositor offering – news reports today show the popular exchange will now be accepting the Hong Kong dollar.
Here’s how Cointelegraph’s Adrian Zmudzinski puts it this morning: “Binance is apparently trying to drive more liquidity into the cryptocurrency market. As Cointelegraph reported earlier this month, the exchange recently added 15 additional fiat currency options for Visa and Mastercard purchases on its platform.”
Zmudzinski cites one-click functionality and complex order type support as two features of an exchange that is attracting many different types of traders as they flee other offerings that have come under fire by state regulators.
Binance, on the other hand, has been steadily building its business model in relative peace under the control of CEO Changpeng Zhao, who has been active and vocal in promoting cryptocurrency worldwide. For a while now, Binance has been building various world fiat currencies into its exchange platform, also offering the popular Binance coin cryptocurrency. We’ve reported on how these efforts align with Binance’s philosophy to become a major trading partner for crypto and fiat interoperability.
In the past, Binance has mostly added currencies like the Russian ruble and others, not by building these fiat gateways in-house, but by partnering with third-party payment companies.
The current announcement shows that in accepting the Hong Kong dollar, Binance will partner with a company called Epay. Epay supports various types of wire transfers, withdrawal services and more. A recent Binance press release points out that “users can now login and deposit to Binance via their Epay account with zero fiat deposit fees for HKD.”
What’s in the cards for Binance?
Readers can get a glimpse of what BNB head honchos are thinking from this anonymously written blog post earlier this month, directly from Binance:
“At Binance our vision has always been to increase the freedom of money. We view crypto as a fundamental means to attain this goal, and we work hard to ensure that all of our products and services contribute in some way to reaching that original vision.”
The same piece uses remarks made by Zhao to illustrate where the company wants to go in the years ahead.
“In CZ’s 2020 New Year message, he described Binance’s efforts last year as building the foundations of a house. …But we’re building more than just a house,” writes a Binance spokes person, citing futures, margin trading, fiat gateways, exchange innovations and wallet advances as possibilities. “Now we want to build the roads (infrastructure) surrounding the house and the roads in the city so that other people can build their own buildings (products). This is how we’re pushing towards our vision of increasing freedom of money: by enabling others.”
Follow the Binance story as you look for a safe haven in today’s trading world.
