Binance P2P Exchange Makes Strong Inroads In Africa: Report

After Binance Uganda shut down, now, the Binance P2P exchange makes some strong inroads in Africa as we are reading more in our latest Binance news today.

The cryptocurrency exchange gave up on Binance Uganda after the announcement of a disappointing closure of the Uganda subsidiary in October. Now, the Binance P2P exchange released a new blog post yesterday indicating another initiative by making strong inroads across the world’s second-biggest continent.

Dubbed as the “P2P Merchants: Facilitating Freedom of Money In Africa”, the blog outlined the peer to peer trading platform’s growth in the region during 2020 which states that Binance P2P processed about $280 million equivalent local African currencies starting from March when the program introduced the introduction of the Nigerian Naira. Binance claims that the program allows the local merchants in Kenya, South Africa, Nigeria, Egypt and Morroco to earn from $30 to $350 every day with buying and selling crypto assets to their peers with local fiat currencies. Binance also advertised that with Binance P2P will be “easy to run their own crypto trading operation.”

The update follows a few comments made by Binance CEO and Changpeng Zhao where he called Africa an “untapped market” which features both significant opportunities and challenges:

 “We view the entire African market as a really key market. I don’t think it’s very easy to buy cryptocurrencies in Africa right now overall, so we want to help improve that situation.”

In an interview back in July, CEO of the Nigeria-based exchange Yellow Card Chris Maurice offered a different view indicating that the growth will come in handy:

“In terms of the crypto scene and everything, things are growing very rapidly, really across the continent, but specifically in Nigeria, South Africa, Ghana, and Kenya.”

Furthermore, the data indicates that usage in Africa is increasing. The research company Chainalysis released a new report indicating that the small value crypto transfers increased by 50% this year in the continent. This is a promising development given the potential for crypto assets to improve their cross-border exchange and settlement as well. As reported previously, Binance Uganda will not allow traders to trade after November 11. The exchange accepts Ugandan shillings making the local exchange redundant but CEO of the exchange Changpeng Zhao called Uganda a “loss center.” The exchange’s early foray into the African market decided to close all trading services on November 11 after stopping deposits last week. Binance had earlier announced the closing down of Binance Jersey.