Binance announced that it was shutting down its Uganda subsidiary, which was expected to close trading service on November 11 after it closed deposits and registration of new traders on October 28. The exchange finally terminated its operation on November 28. The cryptocurrency exchange giants might have given up on Uganda but continues to make strong peer-to-peer closure on the country’s continent.
In an announcement by the world’s leading crypto exchange giants yesterday, a new initiative known as Binance P2P in the continent is already yielding positive results. The post named “P2P Merchants: Facilitating Freedom of Money in Africa” has highlighted that the program growth through the year has processed transactions worth $280 million in the continent’s local currency. The blog particularly focused that this achievement was made majorly by introducing the Nigerian Naira to the P2P platform.
Binance P2P in Africa is going strong
Binance P2P is a peer-to-peer trading market where you can safely trade crypto in exchange for your local currency. The Binance P2P was officially announced on November 3 this year. The service aims at ensuring that its traders have peace while transacting on the platform. Binance also stated that the program had allowed traders in Africa, particularly local merchants in Nigeria, Egypt, Kenya, Morocco, and South Africa earn as much as $350 daily.
These local merchants who are eligible to earn at least $30 on the platform do so by buying and selling to their peers in local currencies. The Binance P2P trading operation allows an automated crypto trading which is easy to understand and very efficient Binance Still Performing Well In Africa Despite Uganda Closure.
Binance playing a major role in crypto adoption across Africa
Binance, founded in 2017 by a developer named Changpeng Zhao, is the world’s leading blockchain and cryptocurrency infrastructure provider. The company aims to create a financial product suite that includes the largest digital asset exchange by volume.
Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for its users. In a statement by the CEO of the international exchange firm in May, Zhao claimed that Binance is ready to tap into the African market despite the unforeseen and unpredictable challenges that lie ahead.
He is looking beyond the challenges and further believes that the benefits are more as Africa is a key market. He further stressed that it’s not so easy to trade cryptocurrencies in Africa, and Binance is looking to make that a thing of the past by making the second most populous continent in the world a crypto trading ground.
Contradictory to Zhao, Chris Maurice, CEO of Yellow Card, a Nigeria-based exchange, believes that the growth is imminent even with the absence of Binance. He highlighted the rapid increase in Nigeria, Ghana, Kenya, and South Africa and proves that the data his organization has suggested the continent cryptocurrency space has made significant progress already.