Binance Launches P2P Crypto Trading in Latin America

Siamak Masnavi

On Wednesday (March 18), crypto exchange Binance announced that its peer-to-peer (P2P) trading platform now supports five Latin American currencies: Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN), and Peruvian Sol (PEN).

Binance's P2P platform was first launched in October 2019 on Binance's mobile apps. Then, on 28 February 2020, Binance said that this platform had become available on the web.

In a press release shared with CryptoGlobe, Binance said that from today, it is possible to buy/sell (BTC), Ether (ETH), stablecoin Tether (USDT), Binance Coin (BNB), and stablecoin Binance USD (BUSD) -- with zero transaction fees -- using the aforementioned five currencies on its P2P platform.

It went on to say that this integration "allows users to choose the merchants and payment methods for their trades, and transfer crypto assets to any Binance wallets for free."

Binance Co-Founder and CEO Changpeng Zhao (CZ) had this to say:

“Latin America is one of the most active regions for cryptocurrency trading, and peer-to-peer trading is widely used in the Latin American community. To better serve our users’ large demand for crypto, we are offering an open marketplace with the best P2P trading experience.” 

Binance's P2P platform also "offers an escrow service that ensures that 100 percent of crypto is delivered to the users’ wallets." Furthermore, users can "access various financial services including spot, margin and futures trading as well as lending directly on Binance.com."

In the first two weeks of this month, there was over $140 million worth of trades on the platform, which led CZ to make the following comment:

“Amidst the current global economic uncertainty, cryptocurrency is still a favorable asset with great potential use despite its price volatility. This has been illustrated by the recent increasing purchase on our P2P platform. 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." 

Featured Image Courtesy of Binance