After closure of Binance Uganda – Binance P2P with a successful year in Africa
Although the large crypto exchange is withdrawing from Uganda, it is still trying to enter the African market.
After the market-leading crypto stock exchange Binance had to close its Ugandan branch in October, the trading platform now has good news from Africa after all, as its Binance P2P service is proving successful The News Spy on the world’s second most populous continent.
In a corresponding blog entry, Binance highlights the growth of its peer-to-peer trading service in the region. Binance P2P is said to have traded the equivalent of USD 280 million in African currencies since March.
Originally, the programme had only started with the Nigerian Naira (NGN)
Binance also points out that the programme enables crypto-dealers in Nigeria, Kenya, South Africa, Egypt and Morocco to earn „between $30 and $350 per day“ by selling crypto-currencies to their fellow countrymen. In another blog entry, Binance had previously advertised that „it is easy to run your own crypto trade“.
The reference to the success of Binance’s own P2P service in Africa comes against the background of statements made by Binance’s managing director Changpeng Zhao in May. At that time, „CZ“ had described the African market as „still untouched“, although there would be great opportunities but also great challenges slumbering in it.
„We see the entire African market as a crucial market“, said Zhao in this context. And further: „At the moment it is not yet so easy to buy crypto currencies in Africa, which is why we are trying to improve the situation“.
Chris Maurice, the CEO of Nigeria-based crypto exchange Yellow Card, contradicted Zhao’s assessment in an interview with Cointelegraph in July. In fact, he believes that crypto currencies are already rapidly establishing themselves in Africa:
„The crypto industry here is growing very fast across the continent, and especially in Nigeria, South Africa, Ghana and Kenya.
The data also supports this thesis, because according to a September report by the crypto market researchers of Chainalysis, the amount of small crypto transactions in Africa increased by more than 50% during the year.
This is all the more interesting as crypto currencies have great potential to make cross-border payments in Africa much more efficient and cost-effective.