Binance Rolls Out Crypto to Fiat Feature in 7 Countries

Binance has emerged to be one of the largest cryptocurrency exchanges globally in a short span of time. The exchange also has 120 million registered users across several nations.

Even though trading is a seamless process, the hassle always ends up being the conversion of cryptocurrencies to their native fiat currency. Users have to convert their funds to their native currency and then withdraw them or use P2P for this process.

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However, Binance has rolled out a new feature that allows users to transfer cryptocurrencies directly to their bank, which will be auto-converted and arrive in fiat. The feature is now available to users in seven countries, including India, the Philippines, Hong Kong, Ghana, Vietnam, Pakistan, and Bangladesh.

The exchange also addressed that it is working hard to make this service available in as many countries as possible.

Binance introduces wash trading prevention function

Self-trade, most commonly known as “wash trading,” is a common technique that users use to ramp up the trading volume of a particular token. Binance is launching a function on Thursday that will block wash trading, according to a recent announcement.

This feature will help to tackle a group of users that trade among themselves to create fake trading activity.

Source: Binance

“Self-trading happens when a user or a group of related users trade with themselves. When self-trading is done intentionally to create an illusion of trading activity, it can be considered a form of market manipulation,” said Binance.

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Users can make use of this new feature to protect themselves from inadvertently self-trading. This can also save the users from the negative repercussions that can follow.

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