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Binance begins to replace traditional banking


Despite all the advancement of the crypto market in recent years, most traditional banks worldwide do not support cryptocurrencies. Which has represented an additional barrier for those users who want to exchange fiat money for crypto assets. However, alternatives such as Binance’s P2P market are beginning to emerge from the crypto world. Thus, the exchange begins to replace traditional banking as Changpeng Zhao comments in the Tweet of the day:

Binance and traditional banking

For a long time the only way to participate in the international financial system has been through traditional banking. A situation that is beginning to change thanks to cryptocurrencies, and the development of decentralized finance (DeFi). A sector that has the potential to include the vast majority, without access to traditional financial institutions, in the world market.

However, as long as this is nothing more than a long-term goal, most people are still depending on banks, even to participate in the crypto market. Well, if they do not accept cryptocurrencies within their platform, the exchange of fiat money for virtual currencies becomes more complicated.

With the P2P market Binance begins to replace traditional banking. Source: Binance
With the P2P market Binance begins to replace traditional banking. Source: Binance

This being the motivation behind the creation of the Binance P2P market, in which users of the exchange can exchange and store fiat money for cryptocurrencies quickly and easily. Replacing the need to depend on traditional banks for the acquisition and storage of crypto assets, as mentioned by Changpeng Zhao through his Twitter account:

Are banks in your country still not on the #crypto scene? No problem, go to P2P, transactions secured by #Binance with 0 fees“.

Thus, Binance takes a step in the process of creating a solid alternative to traditional banking from the crypto world. Offering from now on the possibility of carrying out operations with fiat money within its platform. Simplifying the acquisition and sale of cryptocurrencies for thousands of people.

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