The alliance between Binance Simplex will allow users to buy cryptocurrencies with currencies such as South Korean won, Australian dollar, Swiss franc, among others.
The renowned crypto exchange Binance announced that it already has support for another 15 fiat currencies as part of its international expansion plan.
According to a statement published today through its support page, Binance now has support for deposits and withdrawals with British pound (GBP), South Korean won (KRW), Russian ruble (RUB), Australian dollar (AUD), franc Swiss (CHF), Czech crown (CZK), Danish crown (DKK), Norwegian crown (NOK), New Zealand dollar (NZD), Polish złoty (PLN), Swedish krona (SEK), Turkish lira (TRY), South African rand (ZAR), Hungarian Forint (HUF) and Israeli Shekel (ILS).
The possibility of receiving these new fiat currencies is possible thanks to an alliance with the Israeli payment processor Simplex, a company that in addition to facilitating operations with the new currencies is also compatible with those previously supported by the exchange.
According to Binance developers, support for the new currencies was already enabled since yesterday afternoon, which opens a new door for people residing in Switzerland, South Korea, Australia, Poland and South Africa.
Binance – Simplex alliance and expansion plans
For a few months, Binance has established alliances with payment processors to further expand the amount of fiat currencies it can receive through its platform.
At the end of last year the exchange announced an alliance with the P2P platform, Paxful, which enables Binance to receive payments with some of the aforementioned currencies, adding to the Colombian peso (COP), Mexican peso (MXN), Argentine peso ( ARS), Vietnamese dong (VND) and the Indonesian rupiah (IDR).
Although these alliances allow interested parties to directly buy digital currencies through Binance, the platform does not yet open operations directly in Latin American territory. During a meetUp held in the city of Bogotá last year, the local representative of the exchange, Mireya Acosta, assured that the region still presents many uncertainties from the regulatory level to contemplate that possibility, so they still expect more clarity from the respective governments .
In the Simplex case, users must pay a 3% fee for purchases, establishing a fixed rate equivalent to USD $10 for payments less than USD $200, which would be much cheaper than operating through local banks in any of the respective countries.