Binance Adding Fiat / USD Deposit May Be A Distant Reality
If you go to the deposit section in Binance, you will quickly realize there is no “deposit fiat” option. One cannot add money through their credit or debit card.
That means you can’t transfer your USDs / EUROs (or any other national currency) from your bank (or card) to your Binance account.
A number of media sites reported this will change.
They believed Binance will be adding a fiat-crypto pair very soon. Meaning you can easily add money and exchange it to cryptocurrencies — quickly and easily.
Just like Coinbase.
But Media Sites Got It Wrong
If you have been following the news, you will see several popular crytocurrency sites are constructing hype. They got it all wrong.
Since I was following the news closely, I wish to share my thoughts here.
First, most media sites saw Binance moving to Malta. As Malta seem to offer “innovative legislative infrastructure” while housing several fintech startups, reporters believed a fiat-to-crypto pairing is possible.
Then, as this false news broke out, influential Twitter users talked about it, building the hype even more. That’s how the media operates:
Someone says something concrete, and the rest of them will rewrite and share the hype to the public. The truth, unfortunately, gets buried.
But Truth Be Told: Binance Will Not Add USD Pair Yet!
That is because Changpeng Zhao, the CEO of Binance, fortunately tweeted this recently. He revealed while the future is uncertain, allowing USD deposit is not a possibility in the short term:
While we can't predict the future, others keep attempting it on us. Both "news" are not accurate. We are working with banks (to potentially support fiat), but no plans for USD in the short term. No xvg or xpr involved. Be careful around predictive "crystal ball" news.
— CZ (@cz_binance) April 20, 2018
This eliminated a lot of fake news and rumors around the fiat-crypto pair.
Binance also has a support page explaining the unavailability of fiat deposit. Though updated 4 months ago, the page clearly says:
“Binance does not support any fiat currency (USD, JPY, etc.) trades or transactions. Only cryptocurrency may be deposited and traded on our exchange.”
For now, we have to admit and live with this fact: that Binance won’t pull a Coinbase yet.