- The Binance P2P trading market is growing fast and huge in Africa.
- This announcement came after the closure of Binance Uganda.
- Binance P2P platform processed a total volume of $280 million in 2020.
- This promising development sets to improve cross-border exchange and settlement across the continent.
Binance P2P Platform in Africa: For Users and Merchants
In Africa, the Binance P2P trading market is growing fast and huge. Moreover, Africa is considered as the world’s second-most famous blockchain continent. However, the trading announcement came after the closure of Binance Uganda.
Binance Uganda closed all trading services on November 11. Ugandan users switched to Binance.com, which accepts deposits of Ugandan shillings through Mobile Money, credit cards, debit cards, and bank transfers.
On the other hand, Binance P2P allows users in Africa to directly buy and sell BTC, ETH, USDT, BNB, DAI, and BUSD. Notably, the crypto exchange processed a total volume of $280 million so far this year. Furthermore, users who use their local fiat currencies can trade with zero transaction fees.
More so, fiat money includes Nigerian Naira (NGN), Kenyan shilling (KES), South African rand (ZAR), Egyptian pound (EGP), Moroccan dirham (MAD), and Ghanaian cedi (GHS). Moreover, the program allows local merchants in Africa to earn from $30 to $350.
Binance mentioned that,
This would be a good business opportunity with zero costs as we do not charge any transaction fees or advertising fees. You can enjoy more benefits
People can become Binance P2P merchants while having the best over-the-counter (OTC) or P2P trading experience. In September, research firm Chainalysis released a report indicating that small value crypto transfers are up more than 50% on the year across the continent.
This is a promising development, making the potential for cryptocurrencies to improve cross-border exchange and settlement across the continent.