Before today, Binance announced the launch of its Peer-to-Peer (P2P) Merchant Program, a user-oriented fiat currency trading platform.

How the plan works

In the Jan. 21 press release, the crypto exchange cites increasing demand of global users and a demand for higher liquidity as prods for the P2P creation. Binance CEO Changpeng Zhao said:

"In the past quarter, in that location has been increasing growth in trading volumes on Binance P2P platform, and nosotros have constantly received requests for more than fiat-to-crypto admission from our global customs. To encounter the growing users demand, we are seeking credible merchants for Binance P2P trading platform globally."

Co-ordinate to Coin360, Binance has experienced over 30% growth in trading volume over the past calendar month. The Hong Kong-based firm shows the largest average monthly traffic, with over 18 million users.

Merchants on the iOS- and Android-enabled platform earn money when they postal service fiat currency trading advertisements. Binance providers users with back up, and there are no transaction fees.

Who uses the programme

The company — whose United States arm, Binance.Usa, released its app earlier this month —  launched its P2P trading platform in Oct 2022. At the time, merchants joined strictly through invitation and referral. Now, the merchant program is bachelor through open enrollment. The quality of user experience is reportedly controlled through an "elimination mechanism." Co-ordinate to Binance, promotional activities volition go available to users in the future.

Cointelegraph contacted Binance.US for comment though hadn't received whatever at press time. This article will exist updated upon receipt of a response.

Yesterday, Cointelegraph reported on the P2P platform's inclusion of the Vietnamese Dong as another important step in decentralization.