Binance users in five Latin American countries – Brazil, Argentina, Colombia, Mexico and Peru – can now directly buy and sell cryptocurrencies in their local currencies effective Wednesday, March 18.
In a press release, leading cryptocurrency exchange Binance says it now supports Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN) and Peruvian Sol (PEN) in its peer-to-peer (P2P) trading platform.
The P2P platform, launched in October of 2019 to expand crypto adoption by facilitating direct fiat-to-crypto trades, serves as a marketplace for buying and selling fiat and leading cryptocurrencies.
Binance says trading Bitcoin (BTC), Ether (ETH), Tether (USDT), Binance Coin (BNB) and Binance USD (BUSD) with the five newly-supported currencies currently feature zero transaction fees. The peer-to-peer platform also offers escrow and financial services, including spot, margin and futures trading as well as lending.
Binance has remained on track with its global expansion, targeting the massive unbanked population in Latin America where the company expects cryptocurrency to deliver on its promise of being a practical financial asset.
CEO Changpeng Zhao says the new peer-to-peer integration is a response to steady demand. In the first two weeks of March alone, P2P trades surged, exceeding $140 million.
According to Zhao,
“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.”
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