June 12, 2020 – Binance, the world’s largest crypto exchange platform, announced the launch of peer-to-peer (P2P) trading for Philippine Peso (PHP).
Binance Filipino users can start buying BTC, ETH, BUSD, and EOS using PHP with zero transaction fees via the Binance P2P platform. P2P allows users to access crypto using local currency, which, in this case, is the Pesos. Users will be able to trade crypto at the prices and payment methods they prefer. Transfer to any Binance wallet is free. The platform acts as an escrow service to safeguard both the seller and the buyer in every transaction, ensuring that the tokens are delivered 100% to the user’s wallet.
Binance timed the announcement during the celebration of the Philippine Independence Day. In a statement, Binance CEO Changpeng Zhao (CZ) said, “The Philippines is one of the most active crypto communities in Asia, and by adding support for PHP, we want to offer a flexible and free platform for the Philippine community to access cryptocurrencies.”
To use the service, a buyer must first register in Binance, where users can have access to hundreds of cryptocurrency pairs, including those pairs not available on local exchanges. Binance also offers other financial services such as spot, margin, and futures trading.
It is no secret that users who wish to trade in foreign exchanges will go to a local exchange first to buy Bitcoin (or XRP, for cheaper transaction fees,) and then send that Bitcoin (or XRP) to the international exchange such as Binance. This is cumbersome to people who don’t like the going rates of the local exchange.
In using the Binance P2P platform, the user directly connects to a person or group of people who are selling on Binance. P2P means Peer-to-Peer so the transaction is between two parties, not with an orderbook exchange. Binance P2P should be considered as something similar to Paxful or LocalBitcoins.
2 BSP-licensed virtual currency exchanges – Moneybees and Bloomx join Binance P2P as partners. It appears the locally-licensed exchanges cannot just simply register in P2P marketplaces. According to Paulo del Puerto, CEO of Moneybees, the Philippine Central Bank has to approve first before their company can add “online procedures” as part of their online exchanges, specifically P2P exchanges.
Mr. del Puerto said Binance P2P has the tools and features optimized for Moneybees’ operational flow, so it is a natural step for them to participate. “It is a good channel where we know we can further reach old and new customers to grow our business,” he added.
BloomX Co-founder Luis Buenaventura said they are excited to be the first institutional Philippine investor on Binance’s P2P marketplace. Binance P2P allows them to offer BTC, USDT, ETH and other coins at great prices. He also applauded Binance support.
“Even better, the high security standards allow both the buyer and the seller to trade without fear, knowing that Binance support is ready to help out at any time. Buying or selling crypto directly from your Philippine bank account has never been easier!” – Luis Buenaventura, BloomX
Binance is looking for more local merchants to join its Global P2P Merchants Program, where those who are verified can enjoy multiple benefits, including zero fees for security deposits, VIP discounts, and exclusive customer support. Check the link for more details.