In the world of innovative technologies and cryptocurrency, there is often a lot of misinformation to contend with. It seems some people are spreading fake rumors about Binance adding USD trading markets for some of its supported currencies. Additionally, the firm has no plans to open XVG or XRP pairs as secondary or tertiary markets either.
Binance is in Talks With Banks
Contrary to what the internet would have you believe, the Binance exchange is not getting involved in USD-based trading as of right now. While having such pairs on the exchange would certainly be a good thing overall, the firm is not in the process of adding them as of right now. Instead, they are talking with banks to potentially explore fiat currency pairs in the future, but nothing has been confirmed at this point in time.
Most people will be aware that most banks do not take kindly to any company active in the cryptocurrency space. Even though most countries still lack active Bitcoin regulation, financial institutions have made it clear that they would rather not get involved in this industry for the time being. In some countries, banks even close the accounts of crypto exchanges without prior warning, which causes a lot of friction.
As such, one shouldn’t expect to see USD pairs on Binance in the near future. That doesn’t mean the company will not add them at some point, but based on the latest information, the talks with banks are still in the very early stages. With the company recently moving to Malta, they may have an easier time integrating fiat currency functionality in the future. For now, things will remain as they have been for the past few months.
While we can't predict the future, others keep attempting it on us. Both "news" are not accurate. We are working with banks (to potentially support fiat), but no plans for USD in the short term. No xvg or xpr involved. Be careful around predictive "crystal ball" news.
— CZ (@cz_binance) April 20, 2018
There have been some other rumors circulating on the internet regarding Binance as well. It seems some people assumed the company would do something with Verge and XRP pairs, but there are no plans to do anything along those lines. This means neither XVG nor XRP will serve as trading markets for other currencies, nor will either of them gain a fiat currency pair either.
It is evident there is a lot of speculation as to how Binance will evolve, and a lot of positive developments may become apparent in the months to come. Until the company officially makes any announcements, however, there is no reason to speculate or hype potential developments which may never materialize.
It is good to see the company put all of these rumors to rest at such an early stage. While speculation and hype have always been an integral part of cryptocurrency, there is no reason for anyone to purposefully spread wrong information regarding major companies. Rest assured Binance will make some additions and changes over the next few years, but for now, no one knows for sure what those changes will entail exactly.