Binance Launches P2P Trading for Five Fiat Currencies in Latin America

Binance Launches P2P Trading for Five Fiat Currencies in Latin America

Major cryptocurrency exchange Binance has announced launching P2P trading for five fiat currencies in Latin America.

The fiat currencies are Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN) and Peruvian Sol (PEN).

As of today, customers can directly buy and sell Bitcoin, Ethereum, Tether, Binance Coin and Binance USD using these five Latin American currencies with zero transaction fees on the Binance P2P website.

Binance CEO Changpeng Zhao said:

“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.”

“To better serve our users’ large demand for crypto, we are offering an open marketplace with the best P2P trading experience,” he added.

100% of cryptocurrencies sent to wallets 

In addition, the company offers an escrow program guaranteeing that 100% of the cryptocurrencies is sent to the wallets of customers.

Through the Binance P2P website, users can now use various financial services, including spot, leverage and futures trading, as well as lending directly to Binance.com.

Zhao went up to say:

“Amidst the current global economic uncertainty, cryptocurrency is still a favorable asset with great potential use despite its price volatility. […] 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.”

Binance users to earn interest on BCH Deposits

The exchange has announced that its users who hold three additional top cryptos including Bitcoin cash will be eligible for interest bearing service.

In addition, Binance Lending has now added ETH, BCH, and EOS to the list of flexible deposit supported digital assets. These only join the BTC, BNB and two previously available stablecoins.

Lending is a financial product that the exchange offers its users to lend to Binance Margin their idle crypto assets on the platform, and to earn interest in it. Flexible deposits are similar to a crypto savings account, with the possibility of redeeming funds without a long-term commitment.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.