The major cryptocurrency exchange Binance is making a bigger presence in two of its major emerging markets, India and Indonesia.
Here, the cryptocurrency exchange revealed that users can trade cryptocurrencies in peer-to-peer (P2P) for Indian Rupees (INR) and Indonesian Rupiah (IDR).
Both fiat currencies are being made available for trade to Bitcoin (BTC), Ether (ETH), Tether (USDT) Binance Coin (BNB) and Binance Dollar (BUSD) via the platform’s site and mobile app.
Previously, Binance has made attempts that guided its way to both India and Indonesia.
For example, the company has acquired WazirX, a well-known Indian cryptocurrency exchange, back in November 2019. This enabled Binance users in India to place orders directly from Binance's platform. This acquisition happened after the Reserve Bank of India’s (RBI) controversial ban on banks' dealings with crypto-related firms was still in force.
At that time, WazirX had been forced to transform its business model into a P2P platform.
In February 2020, Binance Academy, which is Binance educational division, was officially rolled out in Bahasa Indonesia.
In a blog post, Binance quoted its CEO Changpeng Zhao - better known as “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."
Binance is a P2P trading platform for cryptocurrencies.
Designed for both consumer-to-consumer (C2C) and business-to-business (B2B) use, the platform supports 20 national fiat currencies at this date.
Targeting the emerging global economies, the platform claims that it has more than 200 P2P retailers spread across the globe with customized services including no fee on security transactions to boost user profits.
CZ said that Binance prioritizes working with domestic exchanges “that have existing banking relationships, which enable them to accept trading in local fiat currencies.”
Binance's P2P platform was first launched in October 2019 on Binance's mobile apps. Then on 28 February 2020, Binance said that the platform had become available on the web.
To entice people in both countries, the exchange is giving them an easy onboarding option.
CZ added that the two countries are among the promising new markets due to their high adoption potential.
