Chang Peng (CZ), the celebrated cryptologist and the brain behind one of the fastest growing and innovation-focused crypto-to-crypto exchanges in the world, Binance, has announced a grand change, bringing cryptocurrency world infinitely closer to regular economic transactions. In an announcement on Thursday, the chirpy CEO of Binance, CZ said, “With most of the world’s money still resting in fiat, building fiat gateways is what we need now to grow the ecosystem and create more long-term opportunities for crypto.”
Binance, the iconic crypto exchange’s historic announcement included the latest offering – to allow traders to use fiat payment cards to buy crypto.
All at once the exchange has marked the contemporary use of fiat-for-cryptocurrencies, making way for the millions of smaller exchanges to adapt and offer similar services in the immediate future.
Only US-based Coinbase is the other exchange allowing debit and credit card from non-US residents. However, there would be much resistance to a swift adaption of such services because Payment Card Issuers, which are big financial institutions will “deny the use” of their cards for purchases of blockchain cryptos.
Fiat Show Begins at Binance
Technically, the countdown for an inflection between cryptocurrency and fiat currency has finally begun it appears.
The founder CEO adds that “We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible.”
Thus, for the exchange has been able to create a strong trader base among the Asian countries, since many of the governments, namely – China, India, Japan – do not have the regulatory guidelines in place for the operations of cryptocurrency trading and related activities. The far-flung US-based crypto services have thus far been elusive to the Malta-based island since the rules of the island have been sufficiently mastered to ensure sustained and first-generation regulator guidelines so that cryptocurrency transactions can be considered as legal tender.
In the US alone, the number of regulatory bodies interpreting cryptocurrencies as securities, property or financial products are at constant loggerheads creating confusion among the entire transactional value.
As a spokesperson at Binance told media reporters, “Some countries and states in the U.S. will be limited but those are limitations from the Simplex side, not Binance.”
Agreement with Simplex
Binance expects the big payment card industry to oppose the use of fiat-credit cards for the purchase of cryptocurrencies. Hence, it will allow users to initially purchase most of the cryptos using Simplex having reached an understanding with the payment card company, as per statements of Simplex CEO, Nimrod Lehavi, “Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience.”