Binance, one of the world’s leading cryptocurrency exchanges, has announced the introduction of five new fiat currencies to their peer-to-peer (P2P) trading platform.

5 Latin American fiat currencies introduced

The fiat currencies introduced to the platform are the Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN), and the Peruvian Sol (PEN).

As of March 18th, users may now buy and sell Bitcoin, Ethereum, USDT, BNB, and BUSD on the P2P platform using the five fiat currencies with zero transactions fees. Additionally, users may choose both the merchant and payment method for trades, and also have the ability to transfer crypto assets to any Binance wallet for free.

A screenshot of Binance’s P2P platform showing the new fiat currencies as options. Source: Binance

“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.” Changpeng Zhao (CZ), CEO of Binance

Furthermore, the platform also offers an escrow service ensuring that 100% of the crypto is delivered to users’ wallets. This offers users peace of mind when conducting trades, as they may rest assured they will receive the full amount expected.

Through the P2P platform, users will find they have access to additional financial services offered by Binance as well. These services include spot, margin, and futures trading along with lending through Binance.

Binance P2P Platform

Binance’s P2P platform was launched relatively recently in October of 2019. Since then, six fiat currencies have been supported along with 100 merchants attracted in order to provide fiat-to-crypto trades globally.

In the first two weeks of March 2020 alone, Binance saw over $140 million P2P trades through their platform.

“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,” Changpeng Zhao (CZ), CEO of Binance

As more fiat currencies are added, and more merchants join Binance’s merchant program, crypto users around the world have an increasingly easier access to the crypto world using their fiat.

This is another step closer to facilitating crypto adoption, and making it more accessible to users. In this case, users in Latin America now have easier access to the world of crypto.