The largest crypto exchange in the world Binance announced on January 20 the launch of peer-to-peer (P2P) trading services for the Vietnamese dong (VND). Users can now buy and sell BTC, USDT, ETH and BNB with VND using Binance’s P2P platform on the latest version of the Binance iOS and Android mobile apps.
Binance’s meetup in Hanoi, Vietnam in December 2019.
With this, the platform will allow traders to buy and sell four digital currencies – Tether, Bitcoin, Ethereum, and Binance Coin – using the fiat. VND is the second fiat currency available on Binance’s P2P trading platform following the Chinese Yuan (CNY).
Mentioning the development, Binance’s founder and CEO Changpeng Zhao said: “Binance is committed to providing our global users with more convenient fiat gateways and easy access to cryptocurrency, and our P2P service aims to lower the barriers to entry to the crypto world. We are pleased to introduce fiat-to-crypto P2P trading services to Vietnamese users to flexibly trade cryptocurrency at low costs.”
Additionally, Zhao reiterated Binance’s ambitious plans to expand fiat-to-crypto access on Binance for users in over 180 countries in order to achieve their mission of “freedom of money.”
Moreover, Binance is also looking at Vietnam as one of the crypto hubs in the Southasian region and is specifically targeting the country with its services.
“Vietnam has enormous economic growth potential, a vibrant entrepreneurship landscape, and wide cryptocurrency acceptance, making it the next global blockchain hub,” said CZ. “We look forward to expanding our services for the local community and supporting the growth of the Vietnamese blockchain ecosystem.”
Meanwhile, Vietnam is still working on cryptocurrency regulation. As of late March 2019, there was no legal framework for cryptocurrencies in Vietnam. Despite regulatory uncertainty, Vietnam’s regulators have previously taken a negative stance to crypto by suspending the import of cryptocurrency mining hardware as well as banning local companies from multiple crypto-related activities in July 2018.
Vietnam is the largest market of Binance in ASEAN.
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