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Binance adds support for first African currency on its P2P platform

  • Binance P2P users will now be able to trade cryptocurrencies using the Nigerian Naira with no transaction fees. 
  • Binance noted that the zero-fee services are available both via its website and mobile app.
Binance adds support for first African currency on its P2P platform
Rajarshi MitraRajarshi MitraIndependent Analyst

Crypto exchange Binance has added support for Nigerian Naira (NGN) on its peer-to-peer (P2P) platform. Binance P2P is a consumer-to-consumer business wing of Binance. From March 4, Binance P2P users have been able to trade Bitcoin and other cryptocurrencies using NGN with no transaction fees, as per a Cointelegraph report. Thanks to the new integration, Nigerian residents can now directly buy and sell cryptocurrencies with other users and verified merchants using the P2P platform. Binance noted that the zero-fee services are available through its website and mobile app.

Changpeng Zhao, CEO of Binance, said that users can post trade ads for earning money by using the P2P merchant's platform. 

We are also providing an unique opportunity for users to become P2P Merchants where they can post trade ads and earn money, estimated to be a few thousand dollars USD equivalent per month, while providing cryptocurrency access for their communities.

According to the announcement, Binance is planning to introduce its P2P trading service to more African countries soon. 

We no longer need to bank the unbanked. We can empower them with cryptocurrency financial services directly. Nigeria is a vibrant innovation hub with great passion for cryptocurrencies [...] We strive to provide the easiest cryptocurrency access and best trading service for the African community, and P2P trading is a more flexible approach, giving users the freedom to choose their payment methods and counterparty in a trade.

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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