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Binance’s P2P Scheme Back up Fiat Currency in Vietnam

Binance’s P2P Scheme Back up Fiat Currency in Vietnam

VIETNAM – Binance introduced a peer-to-peer (P2P) exchange platform for Vietnamese users, wherein they can now trade cryptocurrencies via Vietnamese dong (VND).

Binance, a significant digital asset trading company, launched a platform called peer-to-peer (P2P) exchange for Binance users in Vietnam. These users can directly buy and sell main digital assets using the Vietnamese dong with the use of the newest version of the mobile application of Binance P2P. It’s also available on Android and iOS.

Some of the supported cryptocurrencies of the platform of Binance P2P include Ether (ETH), the famous Bitcoin (BTC), the stablecoin Tether (USDT), and the native digital asset Binance Coin (BNB). Moreover, in a press release, the firm shared this information on January 20 with Cointelegraph.

BInance has been vigorously rolling out numerous international fiat onramps for exchanges such as Turkish lira and Indian rupees. Now, this company adds the Vietnamese dong. It made this currency the other fiat exchange added on the exchanging platform of Binance’s P2P after Chinese yuan (CNY). Binance debuted the P2P exchange with Chinese yuan in October 2019. It made China the first influence of the world to benefit from the peer-to-peer trading of Binance for Ether, USDT, and Bitcoin against its fiat exchange.

As the platform of Binance P2P is available solely in Vietnam and China to date, the service will be progressively prolonged to increase more countries over the year. It’s as per the press release records.

The CEO of Binance, Changpeng Zhao, stated in the press release that Binance is dedicated to offering our international users with more suitable fiat gateways. It’s also unswerving in providing easy access to digital assets. He also stated that the P2P service of Binance targets to decrease the fences to pass to the cryptocurrency world.

Zhao shared as well that they are pleased to launch the fiat-to-crypto P2P exchanging services to Vietnamese customers to trade a digital asset at a low price. Furthermore, he said that the plans of Binance to enlarge its fiat-to-crypto access for customers in more than 180 countries to attain the mission of liberty of money.

Cointelegraph reported that the idea of Binance’s P2P digital asset exchanges is giving direct transactions between users without the necessity for a reliable third party to process the exchanges. Moreover, P2P exchange is a significant factor in decentralization. Also, it’s typically functioned and maintained wholly by software.

P2P digital asset trading is mainly essential in China because of the hard stance of the country toward digital assets. It includes the ban on the crypto-to-fiat exchange and primary coin offerings in this country in 2017.

Vietnam is working on digital asset regulation. In March 2019, there’s no legal outline for digital currencies in this country as per Cointelegraph. Regardless of controlling doubt, the regulators in Vietnam have recently taken a pessimistic stance to the digital asset by interrupting the import of crypto mining hardware. It also includes prohibiting local companies for numerous activities in July 2018.

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