Crypto exchange giant Binance has announced the expansion of its fiat gateway to support new national currencies. According to the July 7 announcement, the exchange giant has partnered with Etana Custody, a crypto asset and fiat money institutional custodian. Their partnership is to offer more secure and seamless fiat on-ramp across the European, Asian, North American, and Oceanian markets.
The 15 new fiat currencies include UAE Dirham (AED), Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Czech Koruna (CZK), Euros (EUR), British Pound (GBP), Hong Kong Dollar (HKD), Danish Krone (DKK), Hungarian Forint (HUF), Mexican Peso (MXN), Norwegian Krone (NOK), New Zealand Dollar (NZD), Polish zloty (PLN) and Swedish Krona (SEK).
Binance users must first link their Binance accounts to Etana accounts before they can wire funds directly from their bank accounts to Etana. From there, their Etana fiat balance will be credited to the corresponding Binance account instantly and free of charge.
Per the announcement, from July 7, 2020, to August 5, 2020, all custody fees for deposits of US$1,000 and above are waized, while a bank wire transfer fee of $35 applies. The minimum deposit and withdrawal is $150. However, the maximum deposit and withdrawal limit is tied to the Binance account level.
Commenting on this partnership, Binance CEO Changpeng Zhao (CZ) said the exchange is committed to furthering global digital assets adoption by launching multiple fiat-to-digital assets gateways. According to CZ, Binance’s fiat gateways now cover more than 170 countries and regions in the world.
Etana Custody Founder and CEO Brandon Russell also said the company shares the vision of Binance in providing users with seamless fiat to digital currencies experience and providing broader access to digital market. According to Russell, this partnership will enable Binance users to trade digital currencies on Binance while maintaining their fiat balance on Etana Custody.