Leading cryptocurrency exchange by trade volume, Binance has announced today that it has added support for two major fiat currencies on its peer-to-peer (P2P) trading platform for Asian users.
According to an official announcement by the popular exchange, the newly added fiat currencies – Indian Rupee (INR) and Indonesian Rupiah (IDR) will enable users to directly buy and sell BTC, ETH, BNB, USDT, and BUSD at zero transaction fee.
Binance noted that the initiative was introduced due to India and Indonesia’s dominance in the drive for the mainstream adoption of cryptocurrencies in Asia.
The exchange further added that the move would also give INR and IDR users the needed fiat-to crypto access to boost cryptocurrency adoption in the region.
Commenting on the development, the CEO of Binance, Changpeng Zhao (CZ) said:
On Binance.com, we offer our users various fiat-to-crypto accesses, and P2P trading is a simple approach for users to buy and sell crypto in multiple payment methods.
Notably, over 200 merchants are currently involved in P2P trading globally, with the top merchant said to rake in a monthly profit of about $100,000.
As part of the announcement, Binance is inviting P2P merchants from other trading platforms to join the Binance P2P Global Merchants Programs to enjoy various incentives such as zero fees for security deposits, ads posting and transactions, VIP discounts, among others.
Binance Promoting Crypto Adoption
Binance has been on a mission to boost mainstream adoption of cryptocurrency globally, with its initiative to add support for several national currencies on its P2P trading platform – a move that would facilitate easy access to cryptocurrencies.
Since the inception of Binance’s P2P exchange last year, Binance has added fiat support for several national currencies, including the Chinese Yuan, Vietnamese Dong, Russian Rubble, among others.
The recent addition of the Indian Rupees and the Indonesian Rupiah on Binance’s P2P exchange now takes the number of acceptable fiat currencies on the platform to 20.
Meanwhile, Binance, in its quest to improve its fiat payment system, added a new fiat gateway, to give users more options to purchase cryptocurrencies using their debit and credit cards, as well as bank wire transfers.
