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Largest Cryptocurrency Binance Will Not Introduce Dollar Trading

Binance has denied reports that it will introduce dollar trading on its exchange. Recent reports saying it would, and which caused an increase in prices for Monero and EOS, are fake news.  

In recent articles on social media like twitter citing that the largest cryptocurrency exchange, Binance would soon introduce USD transactions. Meanwhile, there is only trading between cryptocurrencies as it will a good chance in how the exchange works. The platform allows to make payment with fiat currency and make easy for non-crypo traders too.

Binance, says the news announcing that it will start allowing users to buy digital tokens with dollars are fake news. The news circulated on Friday on Twitter and many other cryptocurrency websites and caused EOS and Monero to increase in price.

A rise in two Cryptocurrency prices

EOS and Monero prices went up by more than 8 percent over the past 24 hours following the announcement. It is now trading at $10.59 and still on an upward trend. EOS went as high as $11.6 in the last 24 hours, which is the highest this month. Monero was up to 271.98 on April 21, also the highest this month. It is now trading at around $247.74.

Binance dealt around $2.2 billion of trading in the past 24 hours.

It currently handles swaps from one token to another without transactions with traditional currencies like the dollar and Euro.

The world’s largest cryptocurrency, Binance was founded by Zhao Changpeng in 2017. It is the top cryptocurrency exchange globally as it always No.1 on Coinmarketcap.com.

What is your take on fake news leading to increase in prices?  Share your thoughts with us on Twitter and Telegram

Image Source: Binance

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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