Binance, one of the world’s largest crypto exchanges, opened a fiat gateway for dollars in Hong Kong.
Binance said Monday that users will be able to deposit and withdraw Hong Kong dollars for trading against supported cryptocurrencies today, thanks to its partnership with Epay:
“After HKD is deposited into users’ Binance wallet, users will be able to buy and sell crypto with HKD directly with our one-click buy/sell service. Epay now supports HKD, EUR and GBP fiat currencies, with SWIFT CODE, Wire Transfer, SEPA, Fasapay, PM and other E-currency deposit and withdraw services also supported. Users can now login and deposit to Binance via their Epay account with zero fiat deposit fees for HKD.”
Binance is already supporting euros and pounds sterling through Epay, a payment provider which was founded in 2014 in Hong Kong.
Coup For The Exchange
The latest addition is a coup for the exchange, as banks in the jurisdiction are notoriously unwilling to offer cryptocurrency companies accounts.
Last spring, the local Gatecoin exchange closed pointing the finger at a funds freeze by a payment processor after having been having trouble finding banking for some time. While the company attempted to survive using other payment services from outside Hong Kong, it put down its eventual closure to never having got back the frozen funds.
Binance quickly rolled out new fiat gateways in a push to serve global local markets, having been a purely crypto-to-crypto trading platform until last autumn.
It recently added 15 fiat currencies through a partnership with Israeli payment provider Simplex, previously adding nation currencies such as Russia, Ukraine, Nigeria, and India.
Cryptolydian reported earlier that, Malta Financial Services Authority (MFSA) claims that major cryptocurrency exchange Binance has never been approved to operate in the country.
MFSA released a public statement saying that Binance “is not authorized by the MFSA to operate in the crypto currency sphere.”