Binance has been expanding its peer-to-peer trading list. It has announced the addition of not one but four fiats to its P2P trading platform. It has now added Myanmar Kyat [MMK], Lao Kip [LAK], Cambodia Riel [KHR], and Sri Lanka Rupee [LKR] and these fiats will trade against Bitcoin [BTC], Tether [USDT], Ethereum [ETH], Binance Coin [BNB], Binance USD [BUSD], and DAI. These will be tradable with zero transaction fees, noted the announcement.
The cryptocurrency exchange has paid special attention to Asia, as the P2P demand in the region has been high. Asia Pacific has been the second-largest continent in terms of P2P volume, after North America. As per data collated from Paxful and Local Bitcoins, among the newly added fiats, Sri Lanka Rupee reported a higher period of volume in the past seven days. However, the Asian market is heavily ruled by the Chinese Yuan, Indian Rupee, and Philippine Peso, respectively. Recently, there has been a spike in Asian P2P volumes including Cambodia and Sri Lanka.
Recently, Binance announced the launch of Express mode, which will allow users to buy and sell USDT and BTC with Indian Rupee [INR], Hong Kong Dollar [HKD], and Vietnamese Dong [VND] on the mobile application. This enabled the users to directly place an order by entering the fiat or crypto amount through a preferred payment method.
As Binance takes a further step in the region, it also announced:
“Binance is looking for local P2P merchants who have a stable source of cryptocurrencies and MMK, LAK, KHR or LKR.”
Binance has noted great volume entering exchange given the investigations running in different exchanges in China. it has established itself as a safe space for the users’ assets and with it growing its presence in the world.