Cryptocurrency exchange Binance has announced plans to open a crypto-Fiat platform on six continents. This was stated by the founder and CEO of the exchange Chanpen Zhao (Zhao Changpeng) the first day of the Consensus conference in Singapore.
Chapter Binance said that the primary task facing the exchange is open next year 5-10 cryptocurrency trading platforms, two on each continent at successful coincidence of circumstances.
It should be noted that ambitious plans Binance not unexpected: the market has started to expand the business in different countries. So, two days ago, the company launched closed beta testing of the new trading platform in Singapore. Zhao hoped that the new site will become fully operational in a few months, however, the process complicates the work with banks and regulators.
In addition, Binance will continue to work with small countries, like Malta, which have established exchange partnerships. According to Zhao, such countries generally are more willing to cooperate with companies in new markets.
“You can get access to senior officials. They will answer questions directly and more efficiently… And they appreciate the investment you bring to the local economy,” explained CEO Binance.
It is noteworthy that despite the crisis the cryptocurrency market last year was profitable for Binance: Zhao confirmed that in the first quarter of this year, the exchange profits totaled $200 million.
Recall that Zhao Chanpen was one of the founders of the exchange OKCoin, however, in 2015 he left the company and began to build his own team, to create a platform for cloud cryptotrading. Subsequently, this technology formed the basis of the work of Binance. The exchange was launched in 2017, but its opening coincided with the introduction of the Chinese government harshly restrictive measures to regulate the cryptocurrency sector in the country. Now Zhao assesses the situation positively, believing that the negative conditions are well have influenced the strategic development of the company.