Binance CEO Changpeng Zhao announced today that the exchange is preparing to add support for fiat-to-crypto trading pairs. The first fiat currency that will be supported for trading will be the Russian ruble (RUB), with support for trading beginning “in about two weeks or so”. This will enable people to use rubles to buy cryptocurrencies directly.
“In about two weeks or so, we should have support for Russian rubles trading directly. So you [will be able to] buy cryptocurrencies on Binance.com using rubles,” stated “CZ”.
Up until now, Binance.com only offered crypto-to-crypto trading pairs, with the exception of fiat gateways that allow people to purchase cryptocurrencies with wire transfers and debit or credit cards. The only fiat-to-crypto trading alternative that Binance offered was on local exchanges, such as Binance Uganda, Binance Jersey, and Binance US.
An additional option for fiat-to-crypto trading was announced last month for OTC (over the counter) trades, which enabled people from China to use AliPay or WeChat to conduct P2P trades between Bitcoin and the Chinese Yuan at the beginning of the month.