Binance expands its fiat money gateway by adding support for 15 new national currencies

According to a July 7 announcement, Binance added support for the UAE dirham, Australian dollar, Canadian dollar, Swiss franc, Czech koruna, euro, British pound, Hong Kong dollar, Danish krone, Hungarian forint, Mexican peso, Norwegian krone, New Zealand dollar, Polish złoty and Swedish krona.

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The company added the new currencies through a partnership with institutional asset and fiat money custodian Etana Custody.

Binance’s CFO, Wei Zhou, told Cointelegraph that users can transfer the funds via SWIFT electronic transfer, and added

„After linking Binance accounts to Bitcoin Storm accounts, our users will be able to transfer 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 when they initiate a fiat deposit request on the platform.

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Etana’s incorporation process includes Know Your Customer and anti-money laundering controls that comply with the Bank Secrecy Act. Binance CEO and co-founder Changpeng Zhao said he believes this partnership will make the crypts more accessible to all:

„The integration helps make access to cryptography easier for people in the markets of Europe, Asia, North America and Oceania.“

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Etana waived custody and deposits in amounts of $1,000 or more until August 5, but a $35 bank transfer fee still applies. The maximum deposit and withdrawal limit depends on the level of the linked Binance account, while the minimum deposit and withdrawal limit is $150.

This is Binance’s latest initiative to expand the influence of the exchange in new markets. Zhao made clear his expansion intentions when he said early last month that cryptomoney exchanges need a global mindset.

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In addition, in mid-June the company also announced that it will expand to the UK with a regulated cryptomoney trading platform for institutional and retail investors.