True to its word earlier this year, and in 2019, the Binance exchange is now broadening the range of national fiat currencies that can be used to trade on its platform.
Today Adrian Zmudzinski at Cointelegraph reports the addition of the currency trading options for the UAE dirham, as well as Australian and Canadian dollars, and Swiss, Czech, Norwegian and New Zealand currencies.
The platform will take this step in connection with a company called Etana Custody, which describes its brokerage services this way:
“As a Custodian company, Etana allows market participants to interact with each other via smart web based application.”
Zmudzinski’s report shows these systems will be Know Your Customer and Anti-Money Laundering standard compliant, and will be utilizing a SWIFT wire transfer system while innovating how that international exchange pattern works.
“After linking Binance accounts to Etana accounts, Binance users can wire funds directly from their bank accounts to Etana, and then have their Etana fiat balance credited to the corresponding Binance accounts instantly and free of charge by initiating a fiat deposit request on Binance,” Binance CFO Wei Zhou explains in a press statement to Cointelegraph.
These new announcements build on a long-haul strategy by Binance CEO Changpeng Zhao, articulated over the past few years, as the exchange uses third-party services to facilitate a range of trades for national fiat currencies.
“This is the latest initiative by Binance to expand the exchange’s influence in new markets,” Zmudzinski writes. “Zhao made his expansionist ambitions clear when at the beginning of last month he said that cryptocurrency exchanges need a global mindset.”
All of this is also sure to keep Binance at the head of the pack in terms of global exchanges for crypto. Stay tuned.
