Popular cryptocurrency exchange Binance has added support for the Russian Ruble (RUB) on its P2P platform.
This is according to an official press release by the exchange on February 11, 2020. Interested users will be able to trade, buy, sell BTC, ETH, USDT, and BNB with the Russian Ruble.
All transactions carried out with the latest version of the Binance mobile app will attract zero transaction fees.
Changpeng Zhao (CZ) speaking about the addition disclosed that the Russian market is a very viable one for crypto advancement. Further adding that the inclusion of the ruble to its P2P platform will provide Russian crypto users with much-needed flexibility. Making it easy for them to swap their fiat for crypto. Using the P2P trading platform, users will enjoy fast and secure trade, alongside 24-hour professional customer support. They can also enjoy zero transactions fee. For the uninitiated, Changpeng Zhao (CZ) is the CEO of Binance.
Prior to this time, the Ruble was already available for direct fiat-to- crypto purchases on the Binance platform. This method of fiat to crypto purchase has, however, faced a lot of scrutiny and hostility from regulators all over the world. For example in China crypto-to-fiat trading has been declared unacceptable since 2017. However P2P trading will allow trading between people even when crypto trading is prohibited in the country. So though crypto trading has been banned since 2017 in China, the Chinese Yuan (CNY) is available for trading on the Binance P2P platform.
More on Binance P2P trading platform
Throwing more light on P2P trading, CZ said: “P2P trading provides an open marketplace and more flexible access for users to trade multiple cryptocurrencies”.
Binance initially launched its P2P platform last October. Looking ahead, it plans to more fiat and cryptocurrencies trading options this year.
First launched in October 2019, the Binance P2P platform has added support for fiat like the Dong, Yuan, and now the Ruble. Due to its popular demand, the exchange last month had to throw open an invitation to become global P2P merchants on its platform. With plans to add more fiat and crypto options this year. Binance is definitely looking forward to a year of trailblazing success.