Binance is becoming the dominant crypto exchange that offers most fiat currencies. The peer to peer trading platform has recently added five new fiat currencies (ARS, BRL, COP, MXN, and PEN) for Latin American.
According to the CEO of Binance, Latin America is a major area to offer services, users actively utilize P2P trading. Changpeng Zhao also added:
“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.”
Users from the Latin American region are now able to buy BTC, ETH, USDT, BNB, and BUSD, using their native fiat cryptocurrency. The platform isn’t charging any transaction fees, and to protect consumer’s payments using an escrow.
Binance Adds More Fiat Currencies
On January 20, 2020, the Vietnamese Dong was added to the Binance, allowing Vietnamese investors to buy and sell major cryptos using the Android/iOS trading app.
The exchange recently collaborated with WazirX to penetrate the Indian market.
Binance is also looking to expand its wings to numerous African countries. According to Changpeng Zhao, Africa is a “blockchain continent.” The exchange is aiming to connect local people to the financial world. In early March, the Binance launched the initial African fiat currency, Naira (NGN). Now Nigerian people can invest to crypto use their fiat currency (NGN).