The cryptocurrency exchange has pointed out rising demand of international users and a requisite for better liquidity as reasons for the launch of P2P platform.
Changpeng Zhao, CEO of Binance, said
“In the past quarter, there has been increasing growth in trading volumes on Binance P2P platform, and we have constantly received requests for more fiat-to-crypto access from our global community. To meet the growing users demand, we are seeking credible merchants for Binance P2P trading platform globally.”
As per Coin360, Binance has recorded more than 30% growth in trading volume in the past month.
The Hong Kong-based company claims to have the largest average monthly trading volume, with more than 18 million users.
Merchants earn money when fiat currency trading related advertisements are posted on their iOS and Android platforms.
The cryptocurrency exchange provides support to users and there are no transaction charges.
The US division of the company, Binance.US, unveiled its app earlier in January after rolling out its P2P trading platform in October 2019.
During that period, merchants signed up only via referral and invitation. Now, unrestricted sign up process can be used for joining as a member. The level of user friendliness is supposedly handled via an “elimination mechanism.”
As per Binance, reward based promotional schemes will be made available to clients in the coming months.
It can be remembered that Vietnamese Dong was added to the P2P platform yesterday, marking another chapter in decentralization.