Despite all the hype behind Binance allowing USD/cryptocurrency pairs, the company responded to these rumors, calling them “fake news.”
20 mins ago
Friday was an excellent day for Ripple, as reports came up showing that Binance is preparing to add cryptocurrency/USD trading pairs.
Unfortunately for traders that were excited about the news, the entire affair was made up.
The news sparked a firestorm on Twitter, with publications like FXStreet reporting that Ripple’s price went up nearly 20% over a 24 hour period following the Binance story.
A spokesperson who spoke to Bloomberg said that these reports are “fake news” via email.
The largest cryptocurrency exchange in the world by trade volume, Binance establishes a policy of not dealing with fiat currencies, removing many of the complications that other exchanges have when it comes to regulations.
Adding conversions to and from US dollars would rid the giant of the advantages it has when dealing strictly with crypto-to-crypto transformations.
Interestingly enough, Binance does offer USDT pairs for cryptocurrencies, which provides the ability to buy them with a crypto-equivalent of the US dollar.
People who want to possess coins that their countries’ exchanges do not offer could simply purchase a coin locally through conventional means and then switch it up for something else on Binance’s platform.
If USDT is available in an aspiring trader’s country, it would be more feasible to buy it since it acts as a digital version of the US dollar, making it less volatile than other coins.
People who invested time, energy, and money into a preparing for a trade involving USD on Binance should note that USDT holdings in the exchange would probably be safe, as it appears that Binance is one of the only exchanges where hackers lose money rather than pulling off successful heists.
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