Binance adds support for African currencies: Liberia, Sierra Leone, Gambia, Mauritania, Cape Verde

Rick Steves

“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.”

Binance has added support for more African currencies including the Liberian Dollar (LRD), Sierra Leonean Leone (SLL), Gambian Dalasi (GMD), Mauritanian Ouguiya (MRO) & Cape Verdean Escudo (CVE), the crypto exchange announced.

As part of its efforts to expand its product offerings and bolster its presence in Africa, Binance now supports LRD, SLL, GMD, MRO, and CVE to enable users in these regions to make direct cryptocurrency transactions with other users in their preferred payment method, local currency, and price without needing a third party or intermediary.

Additionally, users who have a stable source of cryptocurrencies, as well as LRD, SLL, GMD, MRO and CVE can now become merchants on Binance P2P. The programme provides exclusive customer support, verified badges, and access to advanced trading tools. Members can also enjoy VIP discounts and zero fees on the platform.

According to Binance, users are now able to trade and post trade advertisements in LRD, SLL, GMD, MRO and CVE, or directly trade BTC, USDT, ETH, BNB, and BUSD with other users using these fiat currencies at zero fees.

Nadeem Anjarwalla, Director for Binance in West & East Africa, said: “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.”

FinanceFeeds has recently spoken with Mayur Kamat, Head of Product at Binance, to talk about product innovation and development at the world’s largest crypto exchange. The interview covered Binance Futures, the Options platform, the Portfolio Margin Program, the Dual Investment product, and Binance Pay.

BUSD in hot water in the United States

Although Binance still allows users to directly trade BUSD with others, the New York Department of Financial Services (NYDFS) has recently ordered Paxos Trust Co., which has its own stablecoin, Pax dollar (USDP), to stop minting any new BUSDs. To assure holders, Binance said that Paxos will continue to manage redemptions of BUSDs.

The SEC also plans to sue Paxos for violating investor protection rules. The issuer was already told of the planned enforcement action as the regulator claims that Binance USD is an unregistered security. Paxos refuted the SEC’s claims and noted that it “categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws.” The company added that the SEC Wells notice pertains only to BUSD and there are no other allegations against its business.

Coinbase is also ending support of BUSD trading on Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms. However, the token holders will still be able to access their BUSDs and withdraw them at any time.

Binance, the world’s largest cryptocurrency exchange by trading volumes, launched its native stablecoin back in 2019. BUSD was built in association with US-based Paxos, which serves as its issuer as well as custodian of fiat reserves.

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