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Binance Has No Immediate Plans For USD-Crypto Pairings. In a recent report on Stocksgazette.com by Nora Barnes, Binance has openly denied the rumors that it was going to add fiat pairings USD/XRP (Ripple) and USD/XVG (Verge). The CEO of the company himself has publicly stated that the exchange does not have any short-term plans in place to offer either of these USD-crypto pairings.
Changpeng Zhao is the CEO of Binance. Although he went out of his way to dispel these latest rumors, he did admit that his company was in the process of trying to garner support for fiat-crypto parings. While talks with various banks have taken place on this very subject, he did emphasize that USD pairings mentioned are not part of the current plans.
This whole matter came to light when news was leaked that the site had plans to offer crypto parings for the two coins. In a response on Twitter, CZ (as he is commonly referred to) stated, “While we can’t predict the future, other keep attempting on us. Both ‘news’ is not accurate. We are working with banks (to potentially support fiat), but no plans for USD in the short term. No XVG or XRP involved. Be careful around predictive ‘crystal ball’ news.”
The rumors surrounding this issue when on to add that Verge and Ripple were to get preferential treatment. This led to wide-spread speculation that both would be added to the exchange to hype these crypto coins further. The report goes on to suggest that this “fake news” was also fueled by the recent ties between XVG and MindGeek, which is the parent company of PornHub.
Also fueling these speculations is the stance by many crypto investors that pairing USD/crypto with Binance is long overdue. The current volatile nature of the entire crypto industry is a big concern for investors. A conversion to fiat is considered to be one of the best ways to add some stability to the market. Responses to CZ’s statement from other Twitter users were very favorable to the tone of his stance. However, the consensus still supports the company moving forward with the USD pairings.
Given this overwhelming support from crypto investors, the Stocks Gazette report further suggests that the crypto community is behind the circulated news stories that caused these rumors in the first place. Many believe that if Binance were to offer USD or EUR as trading partners with multiple altcoins, this would have a positive impact on the crypto industry. Purchasing these altcoins is not always an easy process, and with XRP not on the popular site Coinbase, things have gotten even more complicated.
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The writer goes on to thank CX for coming forward to clear up the situation by clearly stating Binance’s current position. The greater concern is the overall health of the crypto market following a steep decline in bitcoin value the previous trading quarter. If talks with banks are taking place, then there is renewed hope that Binance is still considering the concept of creating fiat to crypto pairings at some point in time.
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