Binance Latin America fiat crypto pairs are now live for the South American consumers. The various Latin American Localbitcoins will soon be facing stiff competition from the largest crypto exchange, Binance. The behemoth now supports Latin American fiat-crypto pairs for major South American currencies, including Peru, Argentina, Mexico, Brazil, and Colombia.
#Binance Introduces Peer-to-Peer Trading to Latin America with Integration of Five Fiat Currencies
Starting today, users can directly buy and sell #BTC, ETH, USDT, BNB and BUSD using:
— Binance (@binance) March 18, 2020
Binance P2P trading platform now supports many currencies belonging to major South American economies indicating its plans to dominate the crypto scene in these markets. Localbitcoins will be feeling the heat as Binance aims to become the leading P2P crypto lending exchange and trading platform in the coming years.
Binance Latin American fiat crypto pairs to benefit the local economy
Users from major South American countries have been experiencing sub-standard services from Localbitcoins. There have been multiple complaints from locals ranging from account suspension to abrupt trading disruptions. In fact, crypto trading has been muted owing to such infrastructure issues. In February 2020, merely 3,144 BTC were traded, representing the nadir of crypto trading in the region in the past seven years.
Binance has always been at the forefront of the crypto revolution. With Binance Latin American fiat support, it seeks to expand into the South American region via the P2P services. Recent partnerships with Simplex and Paxful showcase how it is collaborating with notable P2P payment processors to expand its range of services. Simplex and Binance partnerships were announced last month, where 15 fiat currencies were added for crypto pairs. As more Binance Latin American fiat crypto pairs enter the mainstream, the number of local users will climb as well.
South American market holds the potential for rapid expansion
Newly added currencies in the Binance portfolio include Brazilian Real, Peruvian Sol, Colombian Peso, Argentine Peso, and Mexican Peso. The users can use these currencies to purchase USDT, BNB, ETH, BTC, and BUSD. There are no transaction fees on these purchases.
As the world currently grapples with extreme market turmoil due to Coronavirus and trade wars, Binance Latin American fiat pairs offer more value to the local South American consumers. By bringing more people on board the crypto bandwagon, the exchange will help locals discover a whole new way to transact. The economic measures to respond to the pandemic can be given a new meaning through crypto.