Binance Has No Plans for Dollar Trades
For Ripple, Friday was a brilliant day as reports appeared showing that Binance is making preparations to add crypto currency/USD trading pairs.
The whole affair was a farce and this was unfortunate to the traders that were thrilled about the news.
The news triggered a lot of heat on Twitter, with publications like FXStreet reporting that Ripple’s price rose up nearly 20% over a 24 hour period following the Binance story.
A spokesman speaking to Bloomberg stated through email that these reports are “fake news”.
The world’s largest cryptocurrency exchange by trade volume, Binance, announced it has a no fiat currency policy, taking away a lot of obstacles that other exchanges have when it comes to regulations.
Adding conversions to and from US dollars would have helped the giant get rid of the disadvantages it has when dealing with crypto-to-crypto transformations.
Binance provides USDT pairs for crypto currencies, which enables one to purchase them with a crypto-equivalent of the US dollar.
People wanting to get coins that their countries’ exchanges fail to provide could easily buy a coin locally through ordinary means and then swap it for something else on Binance’s platform.
If an improving trader’s country has USDT, it would be a lot more convenient to purchase it since it acts as a digital version of the US dollar, causing it to be less elusive than other coins.
People who invested time, energy and money into making preparations for a trade involving USD on Binance should be aware that USDT holdings in the exchange would be safe, as it seems that Binance is among the exchanges in which hackers lose money instead of succeeding in heists.