Binance, the world’s largest cryptocurrency exchange by trading volume, is expanding its operations to Canada. The Malta-based company announced on Thursday that it has partnered with a “leading Canadian digital asset platform” to launch a fiat-to-crypto exchange in the country.
The move comes just weeks after Binance revealed plans to open a similar platform in Singapore. The Canadian exchange will allow users to trade cryptocurrencies with Canadian dollars, according to the announcement.
It will also support major credit and debit cards for deposits and withdrawals.
Binance did not disclose the name of its Canadian partner, but said the platform is “licensed and regulated by Canadian financial authorities.” The exchange is expected to launch in the first quarter of 2019.
This is not the first time Binance has partnered with a traditional financial institution. In June, the company teamed up with Simplex, a payment processing company, to allow users to buy cryptocurrencies with credit and debit cards.
And in July, Binance announced a strategic partnership with Liechtenstein-based Bank Frick, which will allow the bank’s clients to invest in cryptocurrencies through a “regulated security token exchange.”.
With these latest moves, Binance is continuing its aggressive expansion into new markets. The company has been on a rapid growth trajectory since it was founded in 2017.
It now has more than 10 million users and supports over 100 cryptocurrencies.
Binance’s expansion into Canada is part of its larger strategy to become a “global crypto leader,” according to CEO Changpeng Zhao. The company plans to launch fiat-to-crypto exchanges in multiple jurisdictions around the world and build a “decentralized crypto ecosystem.”
Canada is an ideal market for Binance due to its favorable regulations and growing interest in cryptocurrencies. The country is home to several major cryptocurrency exchanges, including QuadrigaCX, Coinsquare, and Bitbuy.
It also has a large number of Bitcoin ATMs – more than any other country except for the United States.
The launch of a fiat-to-crypto exchange in Canada will make it easier for newcomers to enter the cryptocurrency market and could lead to further adoption of digital assets in the country.