Binance Now Supports Australian Dollars And Thai Baht

Recently leading cryptocurrency exchange platform Binance added support for Australian dollars (AUD) and Thai baht.

In a separate announcement on the exchange’s official website, made on January 7, Binance stated that it support for several national currencies has been added, with Thai digital asset exchange Satang Corporation processing baht payments, and AUD transfers facilitated by Banxa, an international crypto gateway solution.

The new application programming interface allowed Satang’s fiat processing service to be integrated into Binance’s trading platform, enabling users to transfer baht directly in and out of their accounts. Satang’s CEO and co-founder Poramin Insom has stated that the partnership will assist wider adoption of digital assets by Thailand society.

Binance also noted that integration of Banxa’s service into the platform will allow for faster and easier fiat transfers with Australian dollar, Euro and British pound. Users have access to such payment services as bank transfers, bill and retail payments, and also credit and debit cards.

Banxa CEO Holger Arians stated that the organization also ”takes care of all regulation, compliance and chargebacks”.

Binance CEO Changpeng Zhao said that the collaboration will benefit the world community, given the dominance of fiat and need for immediate conversion from fiat to crypto.

”We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto. In 2020, we aim to add support for all 180 fiat currencies.”

Short overview of Binance integration of fiat currency

Being the second largest cryptocurrency exchange by 24-hour trade volume, Binance actively works on support of more fiat currencies. At the beginning of this month it confirmed that euro trading against six cryptocurrencies will be added to the platform.

In late December, Binance users were allowed to buy cryptocurrency with Visa credit and debit cards, after including the Japanese yen and the Canadian dollar earlier that month.