Binance has opened a new fiat on-ramp for the South African Rand (ZAR). Users are now able to deposit Rands (ZAR) via bank transfer (EFT), providing a new and competitive fiat gateway for South Africa.
Binance is one of the world’s largest cryptocurrency exchanges.
Binance users can trade over 100 cryptocurrencies on the popular trading platform.
After depositing funds to Binance, users will be able to buy and sell crypto with five Rand (ZAR) trading pairs: BTC/ZAR, BNB/ZAR, ETH/ZAR, USDT/ZAR, and BUSD/ZAR.
This service will be rolled out in two phases:
Phase 1: Deposits and Trade - With immediate effect, Binance users are now able to deposit Rands (ZAR) into their Binance wallet and trade in the five trading pairs above.
Phase 2: Withdrawals - From 9 April @6am (UTC+2), Rand (ZAR) fiat withdrawals will be enabled for all Binance users.
*KYC (level 2) account verification and fiat deposit/withdrawal limits apply.
Now cryptocurrency traders in South Africa don’t have to go through a third party exchange and incur extra charges to buy cryptocurrencies only found on Binance!