Binance Plans To Onboard 180 Fiat Currencies

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Quote from: Chemcrier on November 13, 2019, 05:23:30 AM

Binance plans to add 180 fiat currencies.

“One of the key things I want to do for the next few months – six to nine months or so – is to get those other 180 onboarded onto Binance.com,” CZ said.

https://micky.com.au/binance-to-onboard-180-new-fiat-currencies/

In your opinion, do you think this is a step in the right direction? Would this play a crucial role in the adoption of Cryptocurrencies worldwide? Binance has always been a pace setter, starting from IEOs to margin trading and now fiat currencies, it's likely that we would be entering an era where other exchanges would be scrambling to onboard fiat currencies too and this would definitely make it easier for people to access Cryptocurrencies from their countries.

but the time frame of half a year is really sporty from my point of view. binance is probably at full throttle.

basically a really good thing in my opinion. before it's not really easy to invest in crypto via fiat it's just too complicated. it has to be as easy as ordering an amazon one day. only then do you really get started Grin

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Quote from: Chemcrier on November 13, 2019, 05:23:30 AM

Binance plans to add 180 fiat currencies.

“One of the key things I want to do for the next few months – six to nine months or so – is to get those other 180 onboarded onto Binance.com,” CZ said.

https://micky.com.au/binance-to-onboard-180-new-fiat-currencies/

In your opinion, do you think this is a step in the right direction? Would this play a crucial role in the adoption of Cryptocurrencies worldwide? Binance has always been a pace setter, starting from IEOs to margin trading and now fiat currencies, it's likely that we would be entering an era where other exchanges would be scrambling to onboard fiat currencies too and this would definitely make it easier for people to access Cryptocurrencies from their countries.

If they can onboard all those fiat currencies AND allow you to withdraw those currencies to your home bank account in whichever country you are in - then yes, this is a big game changer.

If they're onboarding just for trading purposes but there is no withdrawal facility for those currencies, then not so much.

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Quote from: The Sceptical Chymist on November 16, 2019, 02:15:06 PM

I can't imagine it would be all that difficult for an exchange like Binance to offer trading pairs with 180 fiat currencies. Why not?

It is of course possible but some of the markets would be so tiny they would be 100% unusable. They might have order books $10 deep. GBP is pathetic enough on the few exchanges it's on and that's one of the world's major currencies. What would a BTC/Kazakh Tenge market look like?

They would either have to offer conversion into something more liquid before trading or become a quasi Coinbase buying service but I doubt they want to do that.

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Quote from: Strongkored on November 13, 2019, 11:08:49 PM

It is not clear whether the 180 currencies are available for withdrawals, deposits so traders who trade in Binance can directly make deposits using the available currencies, or 180 of these currencies will be available as trading pairs to altcoin.

Well I would think that if Binance is going to allow deposits for these currencies, users are going to be able to use them to directly buy bitcoin at least. I don't think users would have to convert to USD or something like that, if that's what your concern is--and I can't imagine it would be all that difficult for an exchange like Binance to offer trading pairs with 180 fiat currencies. Why not?

I would also think that if you can deposit a certain currency that you'd be able to withdraw it, but who knows. Binance has kind of fallen off my radar since I can't use them anymore, and I never deposited fiat with them anyway. Too bad, because they're an excellent exchange and I think it's a good thing they're doing this.

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Quote from: Strongkored on November 16, 2019, 02:04:10 AM

Hopefully my fiat currency (IDR) will added and it will be good for arbitrage alternative to local exchange and vice versa.

You probably aren't the only person thinking about this, so I wouldn't count on easy money to be made from arbitraging.

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One article I've read on on cointelegraph was saying Binance is going to add Turkish Lira paired to XRP and ETH. If binance means adding the digital lira or the digital currencies of countries who already adopted bloclchain, it could be a positive sign to fastforward the adoption of crypto.

Binance is like kick staging the mood for countries and put pressure to them to start using blockchain like the Digital yuan coin and adding the 180 fiat currencies will force them to do so.

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Of course, it would create a very big impact as many countries would fund it easy now to be able to trade through their coin using the platform. I think binance really needs to be given an award for trying everything in their best to make sure that the cryptocurrency market is working according to plan and not because of their selfish interest alone.

I like the fact that binance never runs out of idea to help improve the cryptocurrency space, when they saw the challenges that people were having during ico, they came up with IEO which was all their idea until some of these useless exchange who has nothing in their head other than to spoil another man’s work decide to join in the raise and I wonder if they cannot just think of ideas from their head, and don’t be shocked when you see some exchange coming up with this nee idea again through.

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Quote from: magneto on November 16, 2019, 04:13:25 AM

Why would you think that this will all of a sudden propel adoption worldwide to a new level? Doesn't make much sense to me if you put it that way, because there are already a ton of regulated exchanges that do the same thing in terms of allowing its users to trade fiat and whatnot.

I actually think that Binance is going in a potentially dangerous direction that will expose them to more regulatory pressures.

They used to deal exclusively in cryptos meaning that they can allow anonymous users a nice 2 BTC daily limit without verification. But once they start accepting so many fiats as deposits, I'm not sure if that's still possible.

Of course it won't. It's just like everything else. It'll count hwen the market is on heat. Until then nothing will turn it round. But let's wait to see the pricing and practicality as it could be a total turn off.

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Quote from: magneto on November 16, 2019, 04:13:25 AM

Why would you think that this will all of a sudden propel adoption worldwide to a new level? Doesn't make much sense to me if you put it that way, because there are already a ton of regulated exchanges that do the same thing in terms of allowing its users to trade fiat and whatnot.

I actually think that Binance is going in a potentially dangerous direction that will expose them to more regulatory pressures.

They used to deal exclusively in cryptos meaning that they can allow anonymous users a nice 2 BTC daily limit without verification. But once they start accepting so many fiats as deposits, I'm not sure if that's still possible.

Binance been having a lot development in a fast phase, like their DEX, accepting fiat, and the plans to have a Beijing office. This can help to attract those user who are not yet into crypto but still wants to try to buy some alts but it can lead into a bigger problem once too many option especially inclusion of government's currency will be included in an exchange that may not be acceptable in other countries.

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Why would you think that this will all of a sudden propel adoption worldwide to a new level? Doesn't make much sense to me if you put it that way, because there are already a ton of regulated exchanges that do the same thing in terms of allowing its users to trade fiat and whatnot.

I actually think that Binance is going in a potentially dangerous direction that will expose them to more regulatory pressures.

They used to deal exclusively in cryptos meaning that they can allow anonymous users a nice 2 BTC daily limit without verification. But once they start accepting so many fiats as deposits, I'm not sure if that's still possible.

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Quote from: gentlemand on November 15, 2019, 08:25:53 AM

Quote from: Strongkored on November 15, 2019, 01:17:37 AM

It could be, but whether traders will trade with their currency pairs to altcoin/BTC or instead they will exchange the currency to BTC to start the trading.

I really can't see Binance offering trading pairs for 180 currencies. Volumes would be pitiful and unusable for almost all of them. Even EUR is pretty weedy compared to USD and that's only the currency of several hundred million of the world's richest populations.

That's what I'm thinking too the volumes would be pitiful, but after searching for the full news it looks like Binance will indeed add 180 currencies to their trade pair Fiat-Crypto, but it will add step by step.

Quote

On Oct. 21 Binance CEO Changpeng Zhao announced the exchange was planning to add support for fiat-to-crypto trading pairs, and during the past few weeks the exchange has added support for 5 different fiat currencies.

On Oct. 24 the exchange launched a fiat-to-crypto gateway for the Nigerian naira (NGN), in partnership with Flutterwave, one of the exchange’s 6 fiat gateway channel partners. Less than a week later the exchange quietly launched trading for the Russian ruble (RUB).

Last week, COIN360 reported that Binance could be adding support for the Ukrainian hryvnia (UAH) and the Kazakhstani tenge (KZT) in the near future, and last Friday the exchange announced it had partnered up with Advcash to offer deposits and withdrawals of EUR, RUB, UAH, and KZT using credit cards and bank cards, as well as the Advcash Wallet.

https://coin360.com/news/binance-to-add-support-for-all-180-fiat-currencies-in-6-to-9-months

The funds that will be spent for costs will be very large, I don't think they will added all, there will definitely be a selection, we will see in the next 6-9 months.

Hopefully my fiat currency (IDR) will added and it will be good for arbitrage alternative to local exchange and vice versa.

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Quote from: gentlemand on November 15, 2019, 08:25:53 AM

I really can't see Binance offering trading pairs for 180 currencies. Volumes would be pitiful and unusable for almost all of them. Even EUR is pretty weedy compared to USD and that's only the currency of several hundred million of the world's richest populations.

It'll be interesting to see what solution they do come up with. I'll guess they'll have the option of converting to USDT or BTC when you deposit. That's if it isn't hideously expensive to get your local currency on and off there and there might be a spread too.

Even if they manage to avoid running into certain problems such as capital controls (a lot of countries have them in various forms), they only way I can see this working is either the deposited currency would automatically be converted into a stablecoin or BTC like you're suggesting (or some major currency such as USD/EUR/GBP), OR what they have in mind here for these users paying in/depositing lesser known fiat curencies is a service closer to something like Coinbase. Then market depth when exchanging to/from exotic currencies wouldn't be limited to whatever a small pool of users can provide, but it would be limited to whatever's the market depth between these currencies and USD/EUR/etc. on international markets.

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Quote from: Strongkored on November 15, 2019, 01:17:37 AM

It could be, but whether traders will trade with their currency pairs to altcoin/BTC or instead they will exchange the currency to BTC to start the trading.

I really can't see Binance offering trading pairs for 180 currencies. Volumes would be pitiful and unusable for almost all of them. Even EUR is pretty weedy compared to USD and that's only the currency of several hundred million of the world's richest populations.

It'll be interesting to see what solution they do come up with. I'll guess they'll have the option of converting to USDT or BTC when you deposit. That's if it isn't hideously expensive to get your local currency on and off there and there might be a spread too.

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Quote from: Casdinyard on November 14, 2019, 03:02:22 AM

And that's huge and this could be another milestone for trading sites and will definitely attract traders all around the world to trade, I mean that's really a convenient way for deposit and withdrawals

It could be, but whether traders will trade with their currency pairs to altcoin/BTC or instead they will exchange the currency to BTC to start the trading.

Quote from: Casdinyard on November 14, 2019, 03:02:22 AM

Likewise, just curious what made CZ decide to do it, can we assume that he could be after for something like manipulation? Seriously, it's unanticipated.

I don't know, because manipulation is something that often happens in crypto world and also in an exchange, it could be happen, the greater funds used will be more likely to do manipulation.

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Quote from: wajik-tempe on November 13, 2019, 10:14:27 PM

Quote from: ashmodeus on November 13, 2019, 08:12:08 PM

oh well, binance totally wicked sick.
dominating all sides.
no wonder i got a survey from binance about Fiat Gateways.
by the way, what the point behind this mission ? Totally Centralized ?

Yeah i think china or binance want to monopoly all the digital currency in this world, i'm sure they will become the biggest market in crypto history when they implemented fiats from almost all country or even they can have a trading pair fiat/fiat it will make their market not only for crypto currency but become all round trading

they already get that by the way.
i am sure no one exchange can beating binance right now, not even bitfinex with their alliance.
----
on positive reason : ok its a good mission, all of fiat money can be accepted and people will easly buying crypto.
on negative reason : of course , monopoly is the biggest fear on this cases.

and i am sure this tend to negative rather than positive, because i dont think all of country in the world like to crypto.

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When an exchange is planning to add all sorts of bells and whistles, it generally means they are trying to compensate for the loss in revenue.

Binance's strongest point has always been plain simple; lots of liquidity and swift support, which they still offer today, but no longer serving us residents is a huge blow, mainly so when they start to boot even the us residents using vpn's off the platform by subjecting every single user to kyc verification. It's going to happen eventually, it's just a matter of time.

Also, the more features you offer as exchange, the lower the quality of your service becomes, and the more problems you and your users run into.

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That's a smart move for this platform, Since this article is not enough to make sense clear but it's true that Cryptocurrency platform is spreading out at a good pace, I really appreciate to this step of Binance because I know Full adoption is the main motive of this step, It's a good thinking in order to make it easy-going process so legal status should be main reason of this move, but the real move is not clear yet in this article so I don't have any idea how they could manage it, if they really move to this system then they have to manage different currency and focus on the legal issue, so it's a heavy thinking regarding cryptocurrency platform.

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It's an admirable ambition but I don't see how it'll be achieved without exposing users to legions of piece of shit intermediaries with horrific fees and questionable legality. There are plenty of fiat options that are such a turn off I doubt they're ever used.

Fiat is not Binance's business. They're going to need other people to facilitate it and it may not look too pretty.

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Quote from: Strongkored on November 13, 2019, 11:08:49 PM

180 currencies is almost the whole amount of currency in the world I just think how they implement it, and usually if Binance manages to make a new breakhtrough will be followed by other exchanges.

And that's huge and this could be another milestone for trading sites and will definitely attract traders all around the world to trade, I mean that's really a convenient way for deposit and withdrawals. Likewise, just curious what made CZ decide to do it, can we assume that he could be after for something like manipulation? Seriously, it's unanticipated.

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Quote from: Strongkored on November 13, 2019, 11:08:49 PM

It is not clear whether the 180 currencies are available for withdrawals, deposits so traders who trade in Binance can directly make deposits using the available currencies, or 180 of these currencies will be available as trading pairs to altcoin. If Binance to plain to implemented the 180 currency for trading pairs there will be many with 0 volume because less interested.

180 currencies is almost the whole amount of currency in the world I just think how they implement it, and usually if Binance manages to make a new breakhtrough will be followed by other exchanges.

180 currencies is the estimated currency they planning to be in on Binance. That would be great step for Crypto to adopt wolrdwide and use as universal payment method

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