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Binance launches P2P trading for rupiah(IDR) and rupees

By koinhunter | Koinhunter | 15 Apr 2020

I Really Glad To this Crypto Exchange




Binance's main cryptocurrency exchange expands its presence in two major developing markets, India and Indonesia.

In an announcement published on April 14, Binance revealed that users can now trade in crypto (P2P) currencies for Indian Rupees (INR) and Indonesian Rupiah (IDR).

Both fiat currencies will be available against Bitcoin (BTC), Ether (ETH), Tether (USDT) Binance Coin (BNB) and Binance Dollar (BUSD) through platform sites and mobile applications.


Far ahead of the recent increase in the Indian crypto regulatory climate, Binance has begun to pave the way towards expanding its services to 1.3 billion people in the country.

In November, they acquired the famous Indian crypto exchange, WazirX, which allows Indian users to order directly on the flagship platform Binance to buy USDT against INR.

Specifically, back in mid-2018 - when the controversial Reserve Bank of India (RBI) ban on bank transactions with crypto-related companies still prevailed - WazirX had been forced to change its business model to a P2P platform so as to avoid converting crypto-fiat at home.

In parallel, the Binace education arm, Binance Academy, was officially launched in the Indonesian version in February 2019. In comments for today's announcement, CEO Binance Changpeng Zhao - better known as "CZ," said:

"India and Indonesia are the two largest developing markets with tremendous potential for crypto adoption, and we are happy to empower large populations with easy-to-use crypto access."

P2P trade in Binance - designed for consumer-to-consumer and business-to-consumer use - now supports 20 national fiat currencies.

The exchange also claims that more than 200 P2P merchants worldwide now use platforms, where they can access merchant-adjusted benefits - such as zero fees on bail and targeted customer support - to increase their profits.


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

Other recent offers from the exchange include yesterday's launch of the Bitcoin option on the Binance futures trading platform and support for Tezos (XTZ) who are betting prizes on Binance.US.

Binance has continued to expand fiat gateways in recent months, currently supporting crypto purchases with credit cards in more than 50 jurisdictions.

Speaking to reporters this week, CZ said that Binance prioritized working with domestic exchanges "that have existing banking relationships, which allow them to accept trade in local fiat currencies."

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

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