Binance to introduce more fiat gateways in the next few months
Malta-based Binance, one of the world’s leading crypto-exchanges, will soon add new fiat gateways for Norwegian, Russian, and Croatian fiat currencies in the near future. During CEO Changpeng Zhao’s first AMA of 2020, the CEO of the Malta-based crypto-platform revealed that the team is looking to tap into more markets after launching P2P trading of Chinese Yuan, Vietnamese Dong, and Russian Rubles.
While details as to when and which fiat will be enabled have not been disclosed yet, CZ said,
“We are expanding our P2P trading market, where the crypto stays on Binance.com and our escrows are unlocked during the transaction and then you can give cash or bank transfer or whatever other methods you wish to use in your country to the seller”
Elaborating on the same, CZ added,
“For p2p, its zero transaction fees. Binance do not charge any fees for that transactions because we want to encourage more and more of these type of transaction.”
Additionally, CEO CZ revealed that the team has been actively looking for P2P merchants globally. The platform was in the news after it recently launched a global P2P merchant program, one that enabled merchants to earn revenue by providing fiat currency payment solutions while enjoying zero transaction fees, as well as professional service support from Binance.
This was essentially launched to serve the increasing demand of Binance global users, while providing higher liquidity. For less developed economies, this program, according to CZ, could be a “fairly interesting business” to get into. He added,
“This is a very unique business actually. If you have decent fiat access in your local community, and you are willing to spend some effort to facilitate this transaction, you can earn anywhere from a couple of thousand dollars to couple of ten thousand dollars per month just be being a p2p merchant.”
Binance has been on a full swing expansion mode for a while now. To date, the platform has launched four international crypto-fiat exchanges. This includes Binance Uganda, European trading platform Binance Jersey, Binance Singapore, and more recently, Binance US. The latter was in fact, launched as part of a special effort to comply with strict U.S regulations in place.