Binance P2P makes strong headway in Africa following closure of Binance Uganda. Following the announcement of a disappointing closure of the Ugandan subsidiary in October, Binance—the world’s largest cryptocurrency exchange—released a blog post yesterday suggesting that another project, Binance P2P, is making big strides across the world’s second-most populated continent.
Titled “P2P Merchants: Facilitating Freedom of Money in Africa,” the post highlighted the peer-to-peer trading program’s growth in the region throughout the year — most notably stating that Binance P2P has processed a total of $280 million equivalent local African currencies since March, when the program introduced coverage for the Nigerian Naira (NGN).
Binance also argues that the software helps local traders in Nigeria, Kenya, South Africa, Egypt and Morocco to “earn between $30 and $350 a day” to purchase and sell cryptocurrencies to their local fiat currency peers. In a separate message, Binance also advertises that with Binance P2P “it’s easy to run your own crypto trading operation”
This update follows comments made by Binance CEO Changpeng “CZ” Zhao in May, where CZ called Africa an “untapped market” that features both significant opportunities, as well as unique challenges.
“We view the entire African market as a really key market,” he said. “I don’t think it’s very easy to buy cryptocurrencies in Africa right now overall, so we want to help improve that situation.”
CEO of Nigeria-based exchange Yellow Card, Chris Maurice offered a different view from CZ, indicating that growth is coming along handily “In terms of the crypto scene and everything, things are growing very rapidly, really across the continent, but specifically in Nigeria, South Africa, Ghana, and Kenya,” said Maurice.
[image: Leo Moko]