“Fake news” — that’s how Binance taken care of immediately reports which the cryptocurrency exchange giant is getting ready to add USD trading pairs to the online trading platform.
The Hong Kong-based exchange, which can be currently while moving its operations to Malta, said Thursday that although it is holding discussions with banks with the idea of adding fiat-to-cryptocurrency trading pairs in the future, it has “no plans” to match USD on the short-term. Nor, may become does offer fiat pairs, will verge (XVG) or ripple (XRP) receive preferential treatment.
While we can't predict the time to come, others keep attempting it on us. Both "news" aren’t accurate. We have been working with banks (to potentially support fiat), but no plans for USD for the forseeable future. No xvg or xpr involved. Be mindful around predictive "crystal ball" news.
— CZ (@cz_binance) April 20, 2019
That statement, away from the Twitter account of Binance CEO Changpeng Zhao, contradicted baseless reports between several industry media outlets that claimed the exchange had announced it’s adding XRP/USD and XVG/USD trading pairs to your platform.
Part from the confusion could also stem from that experts claim Binance has gradually been rolling out USDT trading pairs for altcoins which might be listed on its platform. More well known as ‘tether‘ and having to do with a company of identical name, USDT is known as a cryptocurrency token which may be supposedly backed by physical dollars on a 1:1 ratio. However, USDT holders cannot withdraw dollars locally to their banks, nor quit deposit actual USD at Binance.
Binance currently ranks given that the world’s highest-volume cryptocurrency exchange, with daily volume in excess of $2.1 billion. Consequently, getting listed on Binance increases a coin’s liquidity and generally leads to positive price movements — no less than in the short-term.
Becoming one of the few coins to trade directly against fiat currency pairs comes with a even more profound result on a cryptocurrency’s price, considering that it allows the coin to decouple from bitcoin and ethereum and trade-in an isolated market.
It’s impossible to figure out the justification behind spreading these false rumors, while it would not be surprising if at minimum some of the perpetrators succeeded to artificially inflate the verge and ripple prices to make sure they could turn a useful profit.