Cryptocurrency exchange Binance today opened up enrollment for its peer-to-peer service, called the Peer-to-Peer (P2P) Merchant Program. The world’s leading cryptocrypto exchange by volume also added support for the Vietnamese dong, the second currency supported on its P2P platform after the Chinese yuan.
On Binance’s peer-to-peer platform, buyers and sellers—”merchants”— can swap crypto for fiat at prices they set themselves. The platform facilitates the trading of four cryptocurrencies—Tether, BitcoinBitcoin, EthereumEthereum, and Binance’s own token, BNB—for the two fiat currencies.
With the new program, merchants posting advertisements for fiat currency trades can benefit from zero transaction fees. Anyone can now sign up for the program, but from the questions on the application form, it looks like Binance is looking for traders pledging over $100,000 worth of the US-dollar-pegged stablecoin, USDT.
Binance initially launched its P2P trading service in October as a “strict invitation and referral” only program. It also launched the service with support for the Chinese Yuan, a way to get around the nation’s ban on cryptocurrency exchanges. P2P and over-the-counter trading, on the other hand, is A-okay in China, and it is thus an important way for China’s crypto traders to log-on to the digital economy.
Binance quarterly profits up over 3%
Correction: Binance no longer claims to burn 20% of its quarterly profits. It removed this claim from its whitepaper in March 2019. So, while the token burn details are accurate, it is unknown how much profit Binance made in the last quarter. Binance appears to be raking in as much as $194 million per quarter, according to a statement released Monday, a sign that the exchange continues its relentless growth. Each quarter, the exchange claims to burn around twenty percent of its quarterly profit...
A Binance spokesperson said, “P2P trading is one of the business priorities for Binance in 2020, and we have an aggressive expansion plan to support more fiat-to-crypto access on Binance P2P trading platform this year.”