Cryptocurrency exchange Binance announced on Tuesday its new fiat gateway that provides deposit service for 15 fiat currencies through a partnership with Etana Custody. According to Binance, Etana Custody Ltd. is a secure, trusted, and high-performance third-party custodian of fiat and digital assets for institutional clients and accredited investors across the globe. The collaboration with Etana was created to offer more “secure and seamless” fiat on-ramps across the European, Asian, North American and Oceanian markets. Binance further explained:
“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.”
Binance further explained that upon linking Binance accounts to Etana accounts, Binance users may 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. Speaking about the partnership, Etana Custody Founder and CEO, Brandon Russell, stated:
“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.”
Binance further revealed from July 7, 2020 to August 5, 2020, all custody fees for deposits of US$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.