The latest reports from Binance confirm that the exchange has added support for the new currencies via a partnership with crypto asset and fiat money institutional custodian Etana Custody. The major cryptocurrency exchange has added 15 currencies to its platform in an attempt to expand into new territories.
Based on a July 7 announcement, Binance added support for the Swiss franc, Czech koruna, euro, United Arab Emirates dirham, Australian dollar, Norwegian krone, New Zealand dollar, Polish złoty, Canadian dollar, Swedish Krona, Hungarian forint, Mexican peso, Hong Kong dollar, Danish krone, and British Pound.
Binance decided to add these new currencies through a partnership with Etana Custody. Binance CFO Wei Zhou told reporters that users can transfer their funds using SWIFT wire transfer. He added:
“After linking Binance accounts to Etana accounts, Binance users can wire funds directly from their bank accounts to Etana, and then have their Etana fiat balance credited to the corresponding Binance accounts instantly and free of charge by initiating a fiat deposit request on Binance.”
A More Accessible Fiat Platform For Binance Users
Etana’s onboarding procedure features Anti-Money Laundering and Know Your Customer checks that are compliant with the Bank Secrecy Act. Changpeng Zhao, the Binance CEO, and co-founder said that he is convinced that this partnership will make cryptocurrency readily accessible:
“The integration helps make access to digital assets more effortless for people across the European, Asian, North American, and Oceanian markets.”
Etana, on its part, waived custody and deposit fees for sums exceeding $1,000 until August 5. However, a $35 bank wire transfer fee still applies. The maximum amount of deposit and withdrawal limit is subject tot eh level of the linked Binance account. On the other hand, the minimum deposit and withdrawal limit is $150.
That is the latest initiative launched by Binance to expand the platform’s influence in the new markets. Zhao made his expansionist plans clear when at the start of June. He stated that crypto exchanges need to adopt a global mindset.
Additionally, in mid-June, the company also said that it plans to expand into the United Kingdom. It will do that with a regulated crypto trading platform for both the retail and institutional investors. If that expansion proves successful, Binance will become a dominant crypto trading services provider in many new markets spread out around the world.