Binance, the blockchain company behind the world’s largest crypto asset exchange by trading volume and users, today announced a new fiat gateway that provides deposit service for 15 fiat currencies through a partnership with Etana Custody Ltd. Etana Custody is a secure third-party custodian of fiat and digital assets for institutional clients and accredited investors across the world.
After linking Binance accounts to Etana accounts, Binance users can wire funds directly from their bank accounts to Etana, and then have their Etana fiat balance credited to the corresponding Binance accounts instantly and free of charge.
Through Etana Custody, Binance users are now able to deposit 15 fiat currencies including the United Arab Emirates Dirham (AED), Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Czech Koruna (CZK), Euros (EUR), British Pound (GBP), Hong Kong Dollar (HKD), Danish Krone (DKK), Hungarian Forint (HUF), Mexican Peso (MXN), Norwegian Krone (NOK), New Zealand Dollar (NZD), Polish złoty (PLN), and Swedish Krona (SEK) without leaving Binance. After linking Binance accounts to Etana accounts, Binance users can wire funds directly from their bank accounts to Etana, and then have their Etana fiat balance credited to the corresponding Binance accounts instantly and free of charge by initiating a fiat deposit request on Binance.
“We are pleased to introduce this new fiat gateway through Etana Custody. The integration helps make access to digital assets more effortless for people across the European, Asian, North American and Oceanian markets,” said Binance Founder and CEO Changpeng Zhao (CZ). “At Binance, we are committed to furthering global digital assets adoption by launching multiple fiat-to-digital assets gateways. Binance’s fiat gateways covers over 170 countries and regions in the world and we are continuing to add more to make crypto more available across the globe.”
From July 7, 2020 to August 5, 2020, all custody fees for deposits of USD $1,000 or higher are waived while a bank wire transfer fee of $35 applies. The maximum deposit and withdrawal limit is tied to the Binance account level with the minimum deposit and withdrawal limit being $150.
“We share the vision of Binance in providing users with a seamless fiat to digital currencies experience and providing broader access to digital markets. By partnering with Binance, Binance users will be able to trade digital currencies on Binance while maintaining their fiat balance on Etana Custody, furthering our mission to provide financial solutions for financial market participants,” said Etana Custody Founder and CEO Brandon Russell.
Etana Custody aims to solve key pain points experienced by financial market participants by expanding their custodial services for digital assets. The onboarding process includes KYC (Know Your Customer) and AML (Anti Money Laundering) standards that are Bank Secrecy Act (BSA) compliant. Users remain in control of their assets until they provide instructions to Etana Custody, allowing Binance users a more secure way to purchase digital assets with fiat.