Last week we cast a little doubt on rumours that Binance would be offering so-called ‘altcoin’ trades in US dollars imminently, now it appears to have officially denied the stories are true.
Friday saw several sites report that Binance, currently the world’s biggest-by-volume crypto trading site, would soon pair various altcoins to dollars for traders. However, a little digging seemed to indicate that nothing formal – nor anything informal – had come directly from the exchange itself. Thus, it appeared that the stories were a regurgitation of rumours that began circulating during March.
The only real, actual development coming from the service was news that it had tethered Cardano to USDT as a trading pair – though the USDT is not the US Dollar, simply a tethered cryptocurrency in its own right. That didn’t stop the news causing a healthy bump in the value if several cryptocurrencies, however.
Now, Bloomberg is quoting a denial from a Binance spokesperson, decrying the stories as “fake news”, meaning its customers will have to continue trading crypto-to-crypto for the foreseeable future.
It may well be the case that Binance is either planning, or experimenting with, fiat-to-crypto options as it prepares to move its operation to Malta in the near future. However, if those plans are bubbling away in the background, they are clearly not currently at a stage where its staff are happy to talk about them in public.
$XVG #XVG from Justin Binance hasn’t made any announcement re USD but are working on it and he’s in contact with CZ so hopefully we should hear soon enough. Wait for the announcement ignore the article pic.twitter.com/POVUGV9vwh
— TOP DOG (@topdogshares) April 19, 2018