Binance at WebSummit Lisbon 2022. The world’s largest cryptocurrency exchange by trading volume will discontinue its P2P Cash Zone, a peer-to-peer service allowing users to buy and sell crypto for cash with registered merchants, on March 31, 2025.
According to a March 3 email sent to users, Binance explained its reason for shutting down the program, saying it will be focusing more on its primary offerings.
“Binance has made the decision to wind down the P2P Cash Zone. This decision reflects our commitment to focusing on our core services and continuing to develop solutions that best serve our global user base,” the company stated.
According to the notice, users can access the P2P Cash Zone until March 25, 2025, at 23:59 UTC, and new orders can be placed until that deadline. “Orders submitted before this cutoff period will continue to be processed as usual,” it added.
After March 31, 2025, at 23:59 UTC, the service will be fully discontinued, and no further transactions will be supported. Binance has encouraged users to look for other payment methods available on its P2P platform, including bank transfers and e-wallet services, to avoid experiencing any trading disruptions.
What do users stand to lose without the P2P cash zone program?
The crypto community expects the P2P Cash Zone closure to affect users who rely on cash transactions for crypto trading. Cash transactions, according to market experts, help maintain traders’ anonymity in regions where bank transfers and e-wallets are not necessarily available.
Closing the P2P Cash Zone may also negatively affect market liquidity on Binance’s P2P platform. Some traders who primarily use cash transactions may choose to leave the platform if they are unable to find suitable alternatives, reducing the overall trading volume and risking driving up transaction costs for users.
Binance’s decision to shut down the P2P Cash Zone comes against the backdrop of increasing regulatory scrutiny on crypto-to-cash transactions. According to market security watch platform Chainalysis, peer-to-peer cash-based trading is often linked to scams, unauthorized reversals, and payment disputes.
Binance to delist stablecoin trading pairs in the EEA
On Monday, Binance announced that it will delist trading pairs for nine stablecoins in the European Economic Area (EEA) by March 31, 2025. The crypto exchange said it will remove the trading pairs from its markets to follow the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.
The stablecoins affected by this decision include Tether (USDT), First Digital USD (FDUSD), TrueUSD (TUSD), Pax Dollar (USDP), Dai (DAI), Anchored Euro (AEUR), TerraUSD (UST), TerraClassicUSD (USTC), and Paxos Gold (PAXG).
According to Binance’s statement, users will still be able to trade these stablecoins until the March 31 deadline. But after the date, the exchange will completely remove them from its spot market, preventing any further transactions involving these assets on its platform.
The company also said it will delist non-compliant margin pairs on March 27, 2025, meaning that traders holding positions in affected pairs will need to adjust their strategies before the deadline. Any remaining balances in these delisted margin pairs will be automatically converted to Circle’s USD Coin (USDC).
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