Binance Launches P2P Trades For Rupee And Rupiah

Binance is making its presence felt in the countries of India- cryptocurrency has been made legal, recently, and the emerging markets in Indonesia.

The company posted an announcement regarding the same on their blog platform

“India and Indonesia are two of the largest emerging markets with tremendous potential in crypto adoption, and we are pleased to empower the massive population with easy-to-use crypto access,” said Binance CEO Changpeng Zhao (CZ). “On Binance.com, we offer our users various fiat-to-crypto access, and P2P trading is a simple approach for users to buy and sell crypto in multiple payment methods. Moreover, users can earn profits from trading cryptocurrencies with other users or verified merchants on the Binance P2P trading platform.”

Both the currencies are going to be available against major cryptos such as Bitcoin, Ether, Binance coin etc.

Well ahead of the recent improvements in India’s crypto regulatory climate, Binance had already begun to pave the way towards extending its services to the country’s 1.3 billion people.

In November, the exchange acquired a well-known Indian crypto exchange, WazirX, which enabled Indian users to place orders directly on Binance’s flagship platform to purchase USDT against INR.

Notably, back in mid-2018 — when the Reserve Bank of India’s (RBI) controversial ban on banks’ dealings with crypto-related firms was still in force — WazirX had been forced to transform its business model into a P2P platform so as to avoid in-house crypto-fiat conversion.

Earlier this month, Binance announced its acquisition of crypto data site CoinMarketCap, one of the industry’s most well-known platforms.

Other recent offerings from the exchange include yesterday’s launch of Bitcoin options on the Binance futures trading platform and support for Tezos staking rewards on Binance.US.

The exchange has continuously expanded its fiat gateways in recent months, currently supporting crypto purchases with credit cards in over 50 jurisdictions.

Speaking to reporters this week, CZ said that Binance prioritizes working with domestic exchanges “that have existing banking relationships, which enable them to accept trading in local fiat currencies.”

This spring, Binance and WazirX announced the launch of a $50 million fund aimed at fostering blockchain development in India.