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Binance introduces direct trading in South African national currency


Binance introduces direct trading in South African national currency

Binance CEO Changpeng Zhao has announced that his crypto exchange will allow their South African users to make direct deposits in the future. This was announced at the Blockchain Africa Conference held in Johannesburg this week.

Changpeng Zhao has confirmed that South African users will soon be able to make deposits to Rand’s encryption platform directly via the Binance website. This is intended to extend the expansion of the crypto trading platform in Africa after it started in Uganda in 2018. So Zhao said in this context:

“Africa is one of the regions with the highest demand and also a very special area of ​​application for cryptocurrencies when it comes to expanding financial services. The World Bank estimates that nearly 66% of the Central African population is bankless. But instead of giving banks to the bankless, we should give Bitcoin to those without Bitcoin.

Binance has therefore already extended its range of services to 35 African countries, South Africa being one of the most important countries:

“When we look at South Africa, cryptocurrencies are increasingly accepted here, which is why South Africa is now among the top 5 countries in terms of crypto investors. I am therefore all the more pleased to be able to announce today that Binance will soon be able to make direct payments in South Africa for its South African customers. This will soon allow South Africans to buy cryptocurrencies directly from their bank accounts. “

Tanya Knowles, Binance’s head for South Africa, said in a speech on Wednesday what the crypto exchange is doing in the country. In this context, she points out that many South Africans would now have a wide variety of freedoms, but were not yet completely free in terms of money. As a result, the crypto exchange wants to help change that.

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In terms of transaction volume, Binance is currently the largest crypto exchange in the world. It offers its services in nearly 180 countries and processes 1.4 million transactions per second. According to Coin360, the total value of global transactions per day is $ 4 billion.

South Africans will soon be able to exchange their rand for local currency directly on Binance. First of all, they have the choice between BTC / ZAR, BNB / ZAR, ETH / ZAR, USDT / ZAR and BUSD / ZAR currency pairs.

Binance wants to promote blockchain in South Africa

Knowles also announced that the Binance charity will invest $ 1 million to promote blockchain education in South Africa.

To this end, the foundation wishes to partner with local companies to set up educational programs intended to accelerate the development of the blockchain industry in South Africa.

Knowles has confirmed to Cointelegraph that the Rand will be available on Binance in the coming weeks.

Additional article: Blockchain Africa Conference

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