Binance Seeks to Beat LocalBitcoins in Latin America

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Binance Seeks to Beat LocalBitcoins in Latin America
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Binance, the most prominent crypto exchange in the world in the cryptocurrency market, has just added to its new p2p trading platform, the fiat currencies of the countries with the most influential economies in all Latin America: Mexico, Brazil, Argentina, Colombia, and  Peru.

With this move, they could be looking to take the first step to dethrone Localbitcoins from its place as the world’s leading p2p crypto trading platform.

Binance introduced 5 Latin American countries to its new P2P platform, considering the number of complaints from many Localbitcoins users alleging the suspension, blocking or closing of their accounts and the small amount of traffic it reported in February when only 3,144 bitcoins were traded – equivalent to $28 million— the minimum level of 7 consecutive years.

Seeking to expand internationally and become the number one p2p service platform, Binance keeps establishing partnerships with peer-to-peer payment processors such as Simplex and Paxful to further expand the number of fiat currencies that can be used through its platform.

Less than a month ago, Binance announced a partnership with the Israeli payment processor Simplex, to introduce a total of 15 fiat currencies in its platform for deposits and withdrawals through visa and Mastercard of British Pound (GBP), South Korean Won (KRW), Russian Ruble (RUB), Australian dollar (AUD), Swiss franc (CHF), Czech koruna (CZK), Danish krone (DKK), Norwegian krone (NOK), New Zealand dollar (NZD), złoty Polish (PLN), Swedish krona (SEK), Turkish lira (TRY), South African rand (ZAR), Hungarian florin (HUF) and Israeli shekel (ILS).

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Currently, Simplex reflects its charges as, “CASH ADVANCED” so the bank will be charging a fee on a daily basis after 3.5% to its users, a very high rate and one to watch out for.

Now, they are expanding their catalog to include the  Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Peruvian Sol (PEN) and Mexican Peso (MXN). Allowing users to buy “BTC, USDT, ETH, BNB and BUSD” – with zero transaction fees – offering a higher level of influence on the Latin American market.

During these moments of worldwide tension, Binance takes a step forward and offers to its Latin American users the opportunity to enter the world of cryptocurrencies leaving aside the fiat money which central banks in many countries of the world have been printing in an excessive way, as the only economic measure to counteract the pandemic, even though such actions could lead to a hyperinflation scenario in the short term.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.