Binance Refuses to Confirm Locations of Reported New Exchange Locations

Binance, the leading exchange globally based on monthly trading volume, plans to expand to eight new countries this year, according to a report from The Block yesterday.

The report lists Uganda (launched October 2018), Jersey (just launched on Wednesday), Singapore and Malta (planned for 2019), and South Korea, Liechtenstein, Argentina, Russia, and Turkey (intended but no year specified), and Bermuda (in consideration) as the countries where Binance is looking to expand, or has already expanded, in the case of the first two countries.

Speaking to Cointelegraph, a representative from Binance only confirmed Singapore and Malta from the above list. The other six — five intendended, one being considered — were not addressed. The Block report, which contained a spreadsheet with the countries, launch dates, native currenes, and proposed crypto-fiat pairings, but the representative from exchange claimed it was not theirs, so it is unclear where The Block obtained it from, or if they simply made it themselves.

However, plans to expand into Singapore and Malta are already underway. Binance announced last year it would start private beta testing in September; and in June, the company opened a bank account in Malta, and a few months thereafter announced plans to launch a security platform trading platform in the island nation as well.

It should also be noted that, despite the fact that the Binance representative declined to confirm The Block’s report on the matter, Binance announced it would launch a fiat-crypto exchange in Liechtenstein that would support both Euros and Swiss Francs. Furthermore, last September, Binance founder Changpeng Zhao announced the company’s intention to launch five to ten fiat-crypto exchanges within one year, so it seems there might be smoke to the report’s fire.

Exchanges that allow users to trade fiat for crypto are important for the proliferation of crypto, as it provides an easy on-ramp into the space. This is why Binance is looking to expand into these countries — currently, if you live in Russia and all your fiat is in rubles, you have no way to trade on Binance, unless you exchange those Rubles for a currency that the exchange currently accepts, like U.S. dollars. Once a user is able to trade in their native currency, they can purchase Bitcoin or Ether — the two cryptos listed on The Block’s report as trading pairs in each country — they would then be able to trade into and out of any altcoins listed on Binance.