The largest cryptocurrency exchange by market volume, Binance, has announced support for the deposit and withdrawal of South African Rand (ZAR) as a new option for its users.
Binance said in a blog post on May 12 that the South African rand (ZAR) will be able to be traded for Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Binance Dollar (BUSD), and Tether (USDT). The service seems to be part of Binance’s plan to make it easier to trade cryptocurrencies for local fiat currencies by investing in cryptocurrency exchanges that already have banking connections.
Binance claims that this move will increase the availability and use of cryptocurrency in the region because the service will allow South African users to make fast, secure deposits on the Binance platform using Instant EFT.
According to a report, the fiat gateway would allow South African users to make instant EFT deposits through Stitch, a South African financial API infrastructure company, for a 1% service fee. The startup firm rolled out in Nigeria in 2002, with further expansion to Kenya, Ghana, and Egypt on the horizon.
Hannes Wassels, Binance’s newly appointed country manager for South Africa, expressed the company’s enthusiasm for the launch, saying that they are pleased to take this step toward making digital asset trading easier for people in South Africa. He also said that this fits with Binance’s goal to increase the use of cryptocurrencies and give more people access to money.
It was stated that South Africa’s top 5 banks (Absa, Capitec, FNB, Nedbank, and Standard Bank) support the new service. The country’s central bank released a guideline statement a few days ago recommending banks desist from refusing to engage with crypto asset service providers, making this a favorable week for crypto generally.
The new service will be unleashed in phases
Binance is happy to accept South African Rand (ZAR) for deposits and withdrawals. This is part of Binance’s plan to get more people to use crypto and make it easier for to getget themsers will be able to deposit and withdraw ZAR. from their Binance wallets via Instant EFT. The servolaunched be unleashed in two phases.
Users will be able to deposit ZAR into their Binance wallets and convert ZAR to bitcoin(BTC), Binance USD(BUSD), Ethereum(ETH), tether (USDT) and Binance coin (BNB).
Phase 2 will include ZAR fiat withdrawals for all Binance users and will be launched on August 25 at 8:00 a.m. UTC.
How the Binance Exchange service works
The leading cryptocurrency exchange was founded in 2017 in Hong Kong. It features a strong focus on altcoin trading and offers crypto-to-crypto trading in more than 600 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token, Binance Coin (BNB).
Binance is a global blockchain ecosystem that includes trading services, infrastructure solutions, educational resources, research, social good and charity programs, investment and incubation programs, and more.
The Binance exchange has its own blockchain-based token, Binance Coin (BNB). It provides a crypto wallet for traders to store their electronic funds, has among the lowest transaction fees for cryptocurrency exchanges, has high liquidity, and offers discounts to users who pay in the native BNB cryptocurrency tokens. It also offers programs for miners and helps traders make investment decisions.
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Investing and developing globally
Binance is actively working to increase its presence in the markets and is said to have invested in Tokocrypto, one of the largest local licensed exchanges in Indonesia, with the exact value of the investment not disclosed.
In April, the company started supporting the Indian rupee and the Indonesian rupiah. This allowed it to take advantage of the growing cryptocurrency markets in those countries. It also bought CoinMarketCap, which is the most popular site for cryptocurrency statistics, and WazirX, which is one of India’s biggest cryptocurrency exchanges.
Recently, Binance collaborated with Edubox Global, a leading platform facilitating opportunities for the education of Africans, to launch a crypto education tour across eight countries. states in Northern Nigeria. Especially if you help them understand how the blockchain ecosystem works, they will be better able to take advantage of this wealth transfer era.
Changpeng Zhao, Binance CEO (famously known as CZ), affirms that the company invests a quarter of its profits in various investment opportunities.
