Binance is already the world’s largest crypto exchange with operations spread across the globe. Its ambitions are unbounded, and the support of every fiat currency on the planet is one of them.
According to a recent tweet, Binance already supports 42 fiat currencies but aims to be able to handle 180.
#Binance supports 42 major fiat currencies through a combination of P2P trading, credit card purchases and direct bank deposits.
Our mission to support 180 fiat currencies continues.
— Binance (@binance) April 20, 2020
Not all of the supported currencies can be directly deposited from a bank onto the exchange, however, and many require extensive know-your-customer (KYC) processes and have limits on withdrawals.
Additionally, some of the currencies the exchange claims to support must be transferred through third-party payments companies that will be taking a cut and adding extra steps into the process.
Bring back visa acceptance for all countries, not only 25. 3rd party fees are too high.
— crypto (@btc_tjk) April 20, 2020
The tweet asked users which fiat currencies it should support next. Many requests were from Latin America and one surprisingly missing currency was the Japanese yen.
This kind of monetary monopoly and too much centralization is not necessarily a good thing, especially in an industry with an ethos that encourages the avoidance of banks and centralized systems of financial control.
Featured image courtesy of Geronimo Giqueaux/Unsplash