Cryptocurrency exchange Binance has rolled out peer-to-peer (P2P) crypto trading with five new Latin American fiat currencies.
Users of the Binance P2P trading platform can now buy and sell cryptocurrency directly with Brazilian real (BRL), Argentine peso (ARS), Colombian peso (COP), Mexican peso (MXN) and Peruvian sol (PEN).
Supported cryptocurrencies include Bitcoin (BTC), Ether (ETH), Tether (USDT), Binance Coin (BNB) and Binance USD (BUSD). The platform has zero transaction fees and uses an escrow service to protect user funds.
Latin American region active in crypto trading
Binance CEO Changpeng Zhao — also known as CZ — said that Latin America is one of the most active regions for crypto trading and P2P trading is well established there:
“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 P2P’s fiat-to-crypto expansion
In early March, Nigerian naira (NGN) became the first African fiat currency to trade on the Binance P2P platform. Binance also intends to roll out its P2P trading service to a number of other African countries this month, with CZ calling Africa a “blockchain continent” where cryptocurrency can empower ordinary people to join the financial world.
The Binance P2P platform added support for the Vietnamese dong (VND), in January of this year, and Chinese yuan (CNY), in October 2019.
Highs and lows of other P2P trading platforms
In the meantime, another P2P crypto trading exchange LocalBitcoins saw a major decline in BTC trading volumes recently.
During the week ending on Feb. 22, global BTC trading volumes on LocalBitcoins touched a seven-year low, with just 3,144 bitcoins traded, or around $28 million at the time, marking the lowest weekly trading amount since May 2013.