Binance Partners with UK’s Fintech Founders

Binance, the world’s largest cryptocurrency exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term by trading volume, has partnered with the Fintech Founders, a network of the UK’s leading fintech founders.

The group, previously called the Digital Finance Forum, is aiming at creating an opportunity for real conversations and better collaboration amongst entrepreneurs, startups, government, regulators and across the financial services landscape.

Binance in a statement released on Monday said it was committed to working with associations and members to educate and support the development of informed and effective governance models which promote the overall growth of the blockchain ecosystem.

“We’re excited to become a partner with the Fintech Founders group, to be part of this highly influential network, and look forward to supporting the UK’s advancement for fintech companies as well as financial institutions to work together for mutual benefit," said Ilir Laro, the Deputy Head of UK Binance.

On his part, Christian Faes, the Founder and Chair of the Fintech Founders Group, said the network was looking forward to Binance's support and the opportunity to collaborate with the exchange.

“The digital asset sector likely represents the embodiment of the next iteration of the internet as we know it, and Binance has been a global leader and pioneer in this emerging sector. Binance is also one of the fastest-growing founder-led companies in history,” Faes added.

Crypto to Fiat

Meanwhile, on Monday Binance announced that its users can now sell their cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term for 11 fiat currencies and directly transfer the funds to their debit and credit cards.

The exchange said its Sell Crypto to Credit/Debit Card feature makes it possible to now directly sell cryptocurrencies.

The fiat currencies supported are Euro (EUR), British Pound (GBP), Australian Dollar (AUD), Emirati Dirham (AED), Bulgarian Lev (BGN) and CZK (Czech Koruna).

Others are the Danish Krone (DKK), Croatia's Hrvatska Kuna (HRK), New Zealand Dollar (NZD), Polish Zloty (PLN) and the Ukraine Hryvnia (UAH).

However, the exchange pointed out that the transactions are local, meaning foreign remittance of money is not permitted.

The exchange added that its users from Brazil paying with credit and debit cards will be charged the IOF tax with every card transaction on Binance.

In fact, the IOF tax is a Brazilian tax applied on some financial transactions, including foreign exchange, loans, insurance, investments and securities.

“Users need to complete account verification in order to sell cryptocurrencies for fiat and directly transfer the funds to their Credit/Debit Cards and increase withdrawal limits,” Bitcoin wrote in an announcement.