The world is gradually interconnected, and this has been demonstrated without a doubt the amount of international payment platforms that arise every day. However, one case worth reviewing is Binance and his new decision in Hong Kong. This cryptocurrency exchange has opened a gateway for dollars in Hong Kong.
Binance is a cryptocurrency exchange platform, or exchange, that provides a channel to trade more than 100 digital assets. Since 2018, it is considered the exchange platform with the largest commercial volume in the world.
How did this alliance come about?
This option was launched thanks to Binance’s alliance with Epay, a payment provider founded in Hong Kong in 2014. In a statement made Monday, Binance said users can now deposit and withdraw dollars in Hong Kong starting today. Until now Binance has supported euros and pounds sterling through Epay.
The last addition is a kind of coup d’etat for currency exchange, as banks in the jurisdiction are notoriously reluctant to offer accounts to cryptocurrency companies. Binance has been rapidly deploying new gateways in an effort to serve local and global markets. Given this we must remember that Binance had been a cryptocurrency trading platform exclusively, until last fall.
Additionally, it recently added 15 fiat currencies. This was made possible by a partnership with the Israeli payment provider Simplex. He has also previously added the national currencies of nations such as Russia, Ukraine, Nigeria and India.
Other failed cases of open exchanges in Hong Kong
For example, we must remember the local Gatecoin exchange, which closed last spring. This closing was thanks to the accusation of freezing of funds of a payment processor. While the company tried to survive using other external payment services to Hong Kong, it also ended up closing thanks to never being able to recover the frozen funds.
With this news there is no doubt that Binance is putting all its effort into moving forward and connecting more and more to a larger network of countries. In addition, it is adding more facilities to cryptocurrency holders around the world to be able to exchange them for fiat money wherever and whenever they need it. We will most likely see more news like this one from Binance and other exchange companies worldwide.
Degree in Liberal Studies from the Metropolitan University. Lover of innovation and believer of technology for the future.