Amid the current bullish cryptocurrency market, the demand from retail and institutional investors for Bitcoin and other cryptocurrencies has surged high. Looking at this rising demand, the world’s largest cryptocurrency exchange Binance’s peer-to-peer trading marketplace Binance P2P has introduced a new feature for users on its trading platform.
Binance P2P has rolled out “Express Mode” for its users. According to an official blog post announcement of Binance made on the 24th of November, this new feature will be available for three fiat currencies including Vietnamese Dong (VND), Hong Kong Dollar (HKD), and Indian Rupee (INR).
Users of the Binance exchange will be allowed to use this feature for purchasing or selling two digital assets including the world’s largest cryptocurrency by market cap Bitcoin (BTC) and the world’s largest stablecoin Tether (USDT). These cryptocurrencies will be tradable with HKD, VND, and INR.
However, the cryptocurrency has clearly said in the blog post that all users are required to go through the identity verification process by passing Know You Customer (KYC) in order to use this newly-launched feature. For identity verification, they will be needed to provide residence information of their respective country i.e. Vietnam, Hong Kong, or India.
“With Binance P2P Express mode, users can directly place an order by entering the fiat or crypto amount and the preferred payment method. The orders are matched based on the best crypto price available in the P2P markets,” the cryptocurrency exchange said in the blog post.
This move by the major crypto exchange has come at a time when the demand for peer-to-peer (P2P) Bitcoin trading is growing significantly in these countries. North America has seen the highest P2P trading volume. However, the growth in Peer-to-Peer trading volume has also been witnessed by the continent of Asia as well which has become the second-biggest continent in this case. P2P Bitcoin (BTC) has seen more demand in the country of India, especially.
Reportedly, out of the entire peer-to-peer bitcoin trading volume, the republic of China and India count for 33 percent of it. In terms of peer-to-peer trading volume, India is in the second spot after China.