Major crypto exchange firm Binance has reportedly added support for 5 new fiat currencies to its peer-to-peer (P2P) crypto trading platform, based in Latin America. 

Specifically, the new development reportedly enabled crypto-related transactions for Binance clients in the region, using Brazilian real (BRL), Argentine peso (ARS), Colombian peso (COP), Mexican peso (MXN) and Peruvian sol (PEN).

The crypto coins that are eligible to use this new feature are Bitcoin (BTC), Ether (ETH), Tether (USDT), Binance Coin (BNB) and Binance USD (BUSD). The platform offers free-of-charge services, as well as employs an escrow service as a means of protection for its clients’ funds. 

Head of Binance – Changpeng “CZ” Zhao – reportedly revealed that Latin America is a top active area regarding crypto trading, and P2P trading has had a concrete foundation here. 

“Amidst the current global economic uncertainty, cryptocurrency is still a favorable asset with great potential use despite its price volatility. […] For the massive unbanked population in Latin America, cryptocurrency is a more promising financial asset, and we are glad to directly provide the financial access and service for them.”

In the beginning of March this year, Nigerian naira (NGN) has officially been the first fiat currency from the Africa continent to be facilitated on Binance P2P platform. Further plans to expand service offering scope to different areas of the continent is reportedly also under way. 

Facilitating features for the Vietnamese dong (VND) and the China-based yuan (CNY) was also previously released in October last year.