Binance CEO: Russian Ruble to Be First Fiat-Crypto Trading Option

Cryptocurrency exchange Binance.com is soon to launch its first fiat-to-cryptocurrency trading pairs, kicking off with the Russian ruble.

By Daniel Palmer

Oct 21, 2019 at 12:00 p.m. UTC

Updated Sep 13, 2021 at 11:36 a.m. UTC

CZ Binance 2 — Binance CEO Changpeng "CZ" Zhao

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Daniel Palmer

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Cryptocurrency exchange Binance is soon to launch its first fiat-to-cryptocurrency trading pairs.

Speaking at the Open Innovations 2019 conference in Moscow on Monday, CEO Changpeng "CZ" Zhao confirmed that fiat options are on the way, kicking off with the Russian ruble:

"We're adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct."

Until now, the company's primary service, binance.com, has only supported crypto-to-crypto trading. However, it has launched local fiat gateways in Uganda, Singapore, Jersey and, most recently, the U.S.

Binance had said in September that fiat payments were coming for over-the-counter OTC trading – effectively, bulk deals – this month. However, his comments today appear to indicate that general trading on the exchange will also support the new options.

Also announced by the exchange on Monday, a new token pegged to the value of the bitcoin cash (BCH) cryptocurrency has been listed on its decentralized exchange, Binance DEX. Binance said its "BCH-1FD" token would bring more options for DEX users.

CZ image (taken at a different event) courtesy of Binance

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Daniel Palmer

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.