The World’s largest cryptocurrency exchange company, Binance has added Liberian dollar (LRD), Sierra Leonean leone (SLL), Gambian dalasi (GMD), Mauritanian ouguiya (MRO), and Cape Verdean escudo (CVE) to its Peer to Peer (P2P) market place.
According to Binance, users in these regions can now transact with other users in their local currencies without a third party or intermediary. They can also trade or post advertisements in the newly supported currencies without being charged any fee.
Investors King understands that the Binance Peer to Peer marketplace has become so popular among crypto traders as regulations keep making it difficult to purchase crypto assets directly from bank cards or accounts.
For instance, Binance P2P marketplace became very popular in Nigeria after the Central Bank of Nigeria (CBN) ordered commercial banks to block any bank accounts involved in cryptocurrency.
In 2020, Binance added Nigeria’s “Naira” as its first African currency for P2P trading. Although there are reports that the Nigerian government has retraced some of its regulations, several Nigerians still prefer to use the P2P platform.
This new development is part of Binance’s effort to expand its product offerings and bolster its presence in Africa. Already, Binance has the most robust and largest crypto exchange in Africa with a huge presence in Nigeria, Kenya and Ghana.
Speaking on the new development, Director for Binance in West & East Africa, Nadeem Anjarwalla, said: “Binance has continued to remain committed to increasing the adoption and mainstream accessibility of crypto and we are excited to be taking this step in making access to digital assets effortless for more Africans”.
Launched in 2017, as a crypto-to-crypto exchange platform, Binance is the world’s largest crypto exchange by trade volume.
It has a global blockchain ecosystem spanning across trading services, infrastructure solutions, educational resources, research, social good and charitable programs, investment and incubation initiatives.
It has maintained a unique status by providing access to broad financial tools while maintaining one of the lowest fees in the business.
