Binance Supports Peer to Peer Trading for Russian Ruble

Binance Supports Peer to Peer Trading for Russian Ruble

Binance, a global cryptocurrency exchange, has announced supporting peer to peer trading for the Russian Ruble.

Accordingly, users can make transactions with no fees on the company’s P2P network as of today.

CEO Changpeng Zhao said:

“Peer to peer trading provides an open marketplace and more flexible access for users to trade multiple currencies with other users or merchants in the payment methods they prefer.”

Earlier this month, the exchange announced support for the Ruble on its main platform. Thus, users can now use their Visa cards to buy Ripple, Binance Coin, Bitcoin, and Ethereum.

Zhao said the move aimed to reduce fraud, adding:  

“[The aim of this new fee is to] reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX. Thus, I think the fee will be probably close to $100K US, so we’ll see but the fee is adjustable over time.”

In addition, the move will help traders to easily purchase cryptocurrencies without having to go through any other place.

Support for Mastercard and the other currencies is going to be added soon, according to the company’s press release.

Cryptolydian earlier reported that India’s Crypto Platform WazirX has announced raising $2 million from an initial exchange offer (IEO) within 24 hours on the exclusive token launch platform Binance Launchpad.

Investors purchased 100 million WazirX tokens in a single session at nearly $0.02 per token.

Earlier, Zhao said his company will announce a new product called ‘Binance Cloud’ within 10 days.

While Zhao hasn’t shared much, he said they’ll be ready to introduce a new product within the next few days – the keyword is’ Binance Cloud.’

On the network, all users who engage in a P2P transaction must be authenticated. This is done to minimize the risk of fraud.

Zhao called for cooperation from P2P merchants who have secure access to fiat networks in their countries.

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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.