Leading crypto exchange, Binance announced yesterday that it is listing the Venezuelan Bolivar (VES) on its P2P trading platform. This development will enable Venezuelan users to buy and trade crypto with the country’s national currency, VES. The initial pairs available for trading are VES/BTC, VES/USDT, VES/ETH, VES/BNB, VES/BUSD and VES/EOS.

According to the announcement, there is not going to be any security deposits and users will also enjoy zero transaction and ads fees. Customers can now search for local P2P traders who have stable source of currencies and trade them for VES. There is also going to be a VIP discount for users, as well as exclusive customer support.

Although Venezuela is not known to be a crypto nation, Binance’s move still makes a lot of sense. The country’s political and social conditions have given rise to a growing crypto community. It has become an important testing ground for a couple of crypto developers and proponents, for the adoption of cryptocurrencies. According to data from Coin.Dance, the most used P2P trading platform currently is local Bitcoins where Venezuelans move about 500 BTC every week.

According to Mariangel Garcia, the Marketing and Community Manager for Binance in Latin America, Venezuela is joining Columbia, Peru, Mexico, and Argentina in the P2P trading platform. She said the Venezuelan public has been extremely receptive and the company is delighted with the support for its P2P platform. Garcia added that Binance will continue working to make the user experience on the platform a very rewarding and safe one.

Another spokesperson at Binance in Latin America also commented about the global growth within bigger markets. According to the spokesperson, Binance’s motivation is to make the largest ecosystem in the whole world, and that its services are available throughout the world. The Binance spokesperson added that Venezuela is an extremely strong market for cryptocurrencies in Latin America and that is why Binance is expanding its services to the country.