Binance, a leading Blockchain ecosystem and Cryptocurrency infrastructure provider, has announced its support for more African currencies, including the Liberian Dollar (LRD), Sierra Leonean Leone (SLL), Gambian Dalasi (GMD), Mauritanian Ouguiya (MRO), and Cape Verdean Escudo (CVE). The move is part of Binance’s ongoing efforts to expand its product offerings and bolster its presence on the continent, enabling users in these regions to engage in direct cryptocurrency transactions with other users using their preferred payment method, local currency, and price without requiring a third party or intermediary.
Nadeem Anjarwalla, Director for Binance in West & East Africa, expressed excitement over the step, saying, “Binance has continued to remain committed to increasing the adoption and mainstream accessibility of crypto, and we are excited to be taking this step in making access to digital assets effortless for more Africans.”
Pa Malick Bah, a Gambian crypto enthusiast, highlighted the benefits of Binance supporting the Dalasi on its peer-to-peer (P2P) platform as an introduction to Gambians to a trending and revolutionary technology. This move presents Gambians with numerous opportunities, including expanding their businesses’ payment methods and selling products beyond borders, creating new job opportunities for youths interested in developing apps using blockchain technology, and creating wealth products for those looking to invest in crypto assets due to the absence of a stock exchange market.
However, Mr Bah cautioned that with every new technology comes risks. As the crypto ecosystem remains unregulated, it can become a potential breeding ground for illegal activities such as money laundering, Ponzi schemes, hacking, and more. Thus, he advised individuals to tread wisely and take advantage of the opportunities that come with this significant development in the advanced world while prioritizing their self-security.
Furthermore, Binance users with a stable source of cryptocurrencies, as well as LRD, SLL, GMD, MRO, and CVE, can become merchants on Binance P2P. As programme members, they will receive exclusive customer support, verified badges, and access to advanced trading tools. They can also enjoy VIP discounts and zero fees on the platform. The interest users can learn more about registration requirements on the Binance website.
Binance is a trusted platform by millions worldwide, dedicated to increasing the freedom of money for users. Its financial product suite includes the largest digital asset exchange by volume. It offers an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.
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