After unveiling its peer-to-peer trading platform in October 2019, Binance – one of the world’s leading crypto-exchanges – has announced that a second fiat currency will be making its debut on the platform. With the first fiat to be added on the platform being Chinese Yuan [CNY], the second fiat currency to be supported was announced to be Vietnamese Dong [VND].
According to a press release shared with AMBCrypto, Changpeng Zhao, CEO of Binance, said,
“Binance is committed to providing our global users with more convenient fiat gateways and easy access to cryptocurrency, and our P2P service aims to lower the barriers to entry to the crypto world. We are pleased to introduce fiat-to-crypto P2P trading services to Vietnamese users to flexibly trade cryptocurrency at low costs.”
Notably, Binance’s P2P service will only be available for customers in China and Vietnam for trading in their respective fiat currencies, and these users will only be able to purchase Bitcoin [BTC], Ethereum [ETH], Tether [USDT], and Binance Coin [BNB] via this service. Additionally, users will be able to avail of the new service on Binance’s iOS and Android mobile app.
Further, Binance will be adding support for more fiat currencies on its P2P platform in the near future, along with expanding the service to more users across the globe. CZ added,
“We hope to provide multiple fiat-to-crypto access for our users in over 180 countries and eventually achieve our mission of freedom of money. Vietnam has enormous economic growth potential, a vibrant entrepreneurship landscape and wide cryptocurrency acceptance, making it the next global blockchain hub.”
Interestingly, the news comes in days after the exchange announced a partnership with Z Corporation and TaoTao in order to tap into the Japanese crypto-market. Through the partnership, the exchange would be providing trading services to Japan’s crypto-community while ensuring that it is compliant to all local regulations by collaborating with the Financial Service Agency [FSA].