Binance Now Lets SEA Users Buy & Sell Cryptocurrency Using E-Wallets

Today, Binance cryptocurrency exchange announced that Binance P2P, its peer-to-peer trading marketplace where you can trade cryptocurrencies in exchange for your local currency, has added new payment options. electronic for Southeast Asian currencies.

These include:

  • Pay now
  • Paylah
  • ShopeePay
  • DANA
  • LinkAja
  • Gopay
  • OVO
  • Touch ‘n Go electronic wallet
  • GrabPay

This means for users that you will be able to trade cryptocurrency by receiving or sending money through more electronic wallets for transactions.

Warning: Binance (binance.com) is not a stock exchange regulated by the Securities Commission (SC) of Malaysia. Binance.sg is registered under Binance Asia Services Pte. Ltd. (“Binance Asia”), a limited liability company incorporated in Singapore (UEN: 201811768M).

Binance is a centralized cryptocurrency exchange registered in Malta. It was founded by Changpeng Zhao (CEO) in 2017.

Currently, it is the largest cryptocurrency exchange in the world, with a 24-hour trading volume of approximately 674,197, or US $ 31 billion. There are over 280 coins and 900 trading pairs available on Binance, including the same coin. popularized by Elon Musk, dogecoin.

Although Binance.com is not a regulated exchange, there are a number of regulated local exchanges using the Binance brand and technology, including Binance Singapore (binance.sg), Binance.US (binance.us), and Binance Jersey ( binance.je). All of these are managed independently and fully comply with their local regulations.

Binance P2P page

I think SC will likely pressure e-wallet companies to remove or find ways to prohibit users from trading cryptocurrencies through their e-wallets, outside of existing SC-approved exchanges.

But the question of whether this ban can be effectively enforced is debatable, since it is difficult to determine the purpose of a transaction via P2P.

On the other hand, Touch ‘n Go eWallet, GrabPay and other supported electronic wallets would potentially open up access to crypto markets for the masses, including the unbanked, allowing users to easily access the crypto market. cryptocurrency market.

For multi-currency e-wallets like GrabPay, this may make it the preferred choice as users can then travel to a country with their bitcoin and easily exchange to a local currency.

We’ve reached out to crypto communities for feedback on this newly added feature. As of now, some have already echoed the sentiment that this will increase user adoption of cryptocurrencies in Southeast Asia.

  • You can read more about this Binance announcement here.
  • You can read our other cryptocurrency articles here.

Featured Image Credit: Vulcan Post


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Jothi Venkat

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