Binance Denies It Will Introduce Dollar Trading

pooya87

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Quote from: Eternu on April 20, 2018, 04:04:29 PM

I think I can understand and see why Binance wants to stay with cryptocurrency trading only. But in the same time I can't but wonder why they forbid buying crypto with Dollar, wouldn't it be better if they allowed people to buy crypto with Dollar? They would expend their user base, or am I missing some information here?
Also its kinda funny to see how much even wrong rumors can affect crypto prices. Cheesy

the question is "do people really want to buy altcoins with fiat"?
adding a fiat market is not something easy like adding a new altcoin to your platform! it will bring banks and all the fiat headaches such as KYC/AML and the regulations that come with it. and for what? will users really use these fiat markets? i doubt it. take a look at the fiat volumes of altcions, the bigger ones may have some volume but it is not bigger than the same volume in same_alt/btc market and in general fiat volume doesn't exist for the rest of the altcoins.
so it is only logical that they don't want to add it.

Xester

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Well this is news is not shocking since they are still doing that until today. They do not accept dollars to trade with other altcoins but only with bitcoin. This principle is also applicable to some exchanges but to binance in my opinion, they thought that having to buy altcoins using dollars is just a waste of time. The explanation is simple, if you look at when bitcoin value was crashing all other altcoins are crashing; when bitcoins market was in green all other altcoin markets was also green. With this premise, if bitcoin really is the source of value for all altcoins then there is nothing new even if they will accept dollars to trade with altcoins.

Dluretic

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The Experience Layer of the Decentralized Internet

Binance is currently in Malta.
So I think the future of this exchange is going to be a service of dollar recharge, so we need to wait.

coinpediaJordan

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Here is also source of related news. https://coinpedia.org/news/binance-will-not-intro-dollar-trading/

pitiflin

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So what now. Its their decision. I actually like that they are denying the dollar trade. If they accept it,then it would welcome more and more restrictions and regulations which obviously a lot of people hate. Does someone needs to remind you people here that these are crypto-exchanges and not fiat exchanges?

Eternu

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Quote from: cryptohorsee on April 20, 2018, 04:53:16 PM

They are already trading dolar token called tether that is backed 1 to 1 with real usd. They will not have a real usd, but they might have a real euro so it is fine. I am waiting for more fiat pairs, so we can finally break out from btc price.

What other people say about why Binance doesn't want fiat currencies in their work make sens, so I don't see reason why they would allow Euro and not Dollar... That would be just contradictory.
As for Dollar token, well that is just another crypto, so its fine if they accept it. But I doubt that altcoin prices will break from Bitcoin influence anytime soon... if ever.

ManaMan

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Quote from: cryptohorsee on April 20, 2018, 04:53:16 PM

They are already trading dolar token called tether that is backed 1 to 1 with real usd. They will not have a real usd, but they might have a real euro so it is fine. I am waiting for more fiat pairs, so we can finally break out from btc price.

Still tether is the token and it's not actual FIAT currency. Not many people even know how to get 1:1 peg to tether. Not to mention that mostly tether is used to how to say "park" your holdings if you want to have stable value saved of your portfolio value. It is far different that the real fiat currency and you can't really compare those 2. But tether is alternative way I can't deny that, but it's not perfect given the fact that not many people trust it either.

cryptohorsee

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They are already trading dolar token called tether that is backed 1 to 1 with real usd. They will not have a real usd, but they might have a real euro so it is fine. I am waiting for more fiat pairs, so we can finally break out from btc price.

deepcoreotc

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Quote from: Eternu on April 20, 2018, 04:04:29 PM

I think I can understand and see why Binance wants to stay with cryptocurrency trading only. But in the same time I can't but wonder why they forbid buying crypto with Dollar, wouldn't it be better if they allowed people to buy crypto with Dollar? They would expend their user base, or am I missing some information here?
Also its kinda funny to see how much even wrong rumors can affect crypto prices. Cheesy

They won't be able to introduce USD pairs to all counties due to regulations and I guess they would have hella lot more legal work with USD pairings.

lelangsabun

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i think binance still want to make their support for crypto trading then fiat money and i think that was very acceptable for a giant exchanger and of course they don't want make their crypto customer dissapointed for the fiat entry after all

cryptorTUX

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At least they don't seem to live to their promises, hopefully they won't withdraw their next goals such as DEX. Now people that were talking "bitcoin will lose" cuz binance will introduce fiat pairs and thus bitcoin won't be used as medium of exchange. I really thought they will do this, however they might still hopefully do it in the future. Many exchanges find difficulties with fiat pairs since there is a lot work needed to put for the fiat to work in terms of regulation and other things. By providing the fiat gateway they could potentially lure much more investors into the space and thus accumulate much more money, maybe they are not ready yet, but it is interesting that they are denying their own goals.

butka

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Quote from: Eternu on April 20, 2018, 04:04:29 PM

I think I can understand and see why Binance wants to stay with cryptocurrency trading only. But in the same time I can't but wonder why they forbid buying crypto with Dollar, wouldn't it be better if they allowed people to buy crypto with Dollar? They would expend their user base, or am I missing some information here?

Wouldn't accepting fiat money put them in a position to have to deal with various regulations increasingly?
I think the governments are putting more pressure to regulate the part they can regulate, like accepting credit cards, money transfers, etc. And Binance is probably trying to avoid that.

Eternu

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I think I can understand and see why Binance wants to stay with cryptocurrency trading only. But in the same time I can't but wonder why they forbid buying crypto with Dollar, wouldn't it be better if they allowed people to buy crypto with Dollar? They would expend their user base, or am I missing some information here?
Also its kinda funny to see how much even wrong rumors can affect crypto prices. Cheesy

cohens714

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https://www.bloomberg.com/news/articles/2018-04-20/crypto-exchange-binance-denies-it-will-introduce-dollar-trading

Topic: Binance Denies It Will Introduce Dollar Trading (Read 204 times)