Binance is a leading crypto exchange out of China it now serves crypto traders and hodlers globally. In 2018, Binance was the largest crypto exchange in the world in terms of trade volumes.
The exchange giant is now offering new financial features to its Nigerian and Ghanian users. This new feature emphasizes Binance’s dedication to increasing freedom of money for users.
Naira transfer at zero cost
Binance added a new cash transfer function that will help Nigerians transfer cash from one Binance wallet to the other. The new function is available on its app and web.
The recipient of the cash transfer does not have to be a Binance user. The funds could be transferred via email or text message, and the recipients will get a link for them to sign up and instantly withdraw the funds.
This new function extends the Binance platform from being majorly a crypto exchange to an all-round financial app, providing easy access to cryptocurrencies and making fiat transactions seamless and easy for users.
However, it could also generate more users. Recipients will be forced to sign up and create a Binance account.
Cash transfers with traditional banks are not free, the fiat saved in banks are also subject to constant deductions. As such, storing fiat on the Binance could very well become a trend, as it is available for use at any time and not subject to heavy fees charged by traditional banks.
We could very well see a crypto hodling trend by more people. When a recipient is sent money and has to create a Binance account, there’s a possibility of exploring the exchange and wanting to get in on the crypto action.
Binance could very well become a virtual fiat and crypto bank with this new function.
Fiat on-ramp for the Ghana Cedi
Binance has made buying cryptocurrencies by Ghanian users easier with the new fiat on-ramp feature. Users are now able to deposit Cedi into their Binance Cedi wallet via mobile money, and purchase cryptocurrencies with the balance.
30 GHS cash back promo
With the fiat on-Ramp feature, comes the 30 GHS cash back promo. Now that Ghanians can deposit Cedi into Binance to get crypto, the exchange is rewarding users with 30 GHS.
The rules of the reward distribution on the Binance site reads:
Rewards will be distributed to only users who open accounts and deposit over 120 GHS and trade (cashback on only 1st trade).
Only KYCed Users can qualify!
Binance reserves the right to disqualify any cheat behaviors, self-trading, or wash trading.
To participate in this promotion, KYCed users need to complete at least one trade on any listed Coins i.e BTC, ETH, BNB, and BUSD.
The trading competition only applies to trades through the web or app version of binance.com.
The GHS rewards will be allocated to the Binance user’s wallet, at the end of the campaign (one win per User participating).
Binance reserves the right to disqualify any participants showing signs of fraudulent behavior immediately.
Binance reserves the right to cancel or amend the Promotion or Promotion Rules at our sole discretion.
This promo could go a long way in encouraging Ghanians to use the new fiat on-ramp feature, thereby, expanding the already large user-base of Binance.