Global cryptocurrency exchange Binance enters into the Indian and Indonesian markets; adds P2P trading support for Indian Rupees (INR) and Indonesian Rupiah (IDR).
As a part of its global expansion plan, cryptocurrency exchange Binance is now foraying into the Indian and Indonesian markets. Binance recently announced that users will now be able to execute P2P trades for Indian Rupees (INR) and Indonesian Rupiah (IDR).
Both INR and IDR will be available for trading on the exchange’s website and mobile app. Moreover, these will be compatible with 5 trading pairs – Bitcoin (BTC), Ether (ETH), Tether (USDT) Binance Coin (BNB) and Binance Dollar (BUSD).
#Binance P2P Adds Support for:
?? $INR Indian Rupees
— Binance (@binance) April 14, 2020
Binance CEO Changpeng Zhao stated, “On Binance.com, we offer our users various fiat-to-crypto access, and P2P trading is a simple approach for users to buy and sell crypto in multiple payment methods. Moreover, users can earn profits from trading cryptocurrencies with other users or verified merchants on the Binance P2P trading platform.”
He went on to add, “India and Indonesia are two of the largest emerging markets with tremendous potential in crypto adoption, and we are pleased to empower the massive population with easy-to-use crypto access,”
Binance’s activity in India and Indonesia
Last year, Binance acquired Indian crypto startup WazirX, and as a part of that partnership, Binance enabled India users to directly place orders for buying USDT against INR.
Binance also rolled out an Indonesian version of the Binance Academy (Binance’s educational initiative) in February 2019.
The recent announcement about adding support for INR and IDR can be linked to Binance’s prior investments in both India and Indonesia. It seems that Binance had identified the crypto potential in both these countries quite a long time ago.
As of now, Binance supports P2P trading for 20 national fiat currencies. It claims that more than 200 P2P merchants are using the platform, thus reaping benefits like zero fees on security deposits and targeted customer support.