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Crypto exchange Binance announced on its blog that it just launched its peer-to-peer (P2P) trading for Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN) and Peruvian Sol (PEN) in Latin America.
“Latin America is one of the most active regions for cryptocurrency trading, and peer-to-peer trading is widely used in the Latin American community,” said Binance CEO Changpeng Zhao (CZ). “To better serve our users’ large demand for crypto, we are offering an open marketplace with the best P2P trading experience.”
Starting Wednesday, users can buy and sell Bitcoin (BTC), Ether (ETH), Tether (USDT), Binance Coin (BNB) and Binance USD (BUSD) using the five Latin American currencies without incurring any transaction fees on the Binance P2P platform. The integration also allows the users to select their preferred merchants and payment method for their trades and transfer crypto assets to their Binance wallet for free.
Aside from the zero transaction fees, the platform offers an escrow service that guarantees that 100 percent of crypto is delivered to the users’ wallet. In addition, users can access various financial services including spot, margin, futures trading and lending directly on Binance.com using the Binance P2P platform.
Binance P2P platform was launched in October 2019 and supported six fiat currencies. It immediately attracted over 100 merchants globally to offer fiat-to-crypto trades. In the first two weeks of March 2020, Binance saw a surge of over $140 million P2P trades.
“Amidst the current global economic uncertainty, cryptocurrency is still a favorable asset with great potential use despite its price volatility. This has been illustrated by the recent increasing purchase on our P2P platform. For the massive unbanked population in Latin America, cryptocurrency is a more promising financial asset, and we are glad to directly provide the financial access and service for them,” said CZ.
Meanwhile, earlier this month, Binance added support for Nigerian Naira (NGN) on its P2P platform. The NGN integration allows users in Nigeria to buy and sell cryptos and major stable coins using the P2P platform without fees.
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