Major cryptocurrency exchange Binance has launched peer-to-peer (P2P) trading for the Vietnamese dong (VND).

Vietnam-based Binance users tin can now directly purchase and sell major cryptocurrencies using VND through the latest versions of the Binance P2P mobile app on iOS and Android.

The four supported cryptocurrencies include Bitcoin (BTC), Ether (ETH), major stablecoin Tether (USDT) as well equally Binance'due south native cryptocurrency Binance Coin (BNB), the firm said in a press release shared with Cointelegraph on Jan. 20.

Vietnamese dong is the 2nd fiat currency on Binance's P2P

While Binance has been actively rolling out multiple global fiat onramps for currencies like Indian rupees and Turkish lira, the Vietnamese dong is the second fiat currency added on Binance's P2P trading platform later Chinese yuan (CNY). Binance debuted its P2P trading with yuan in October 2022, making Cathay the earth's first jurisdiction to benefit from Binance'due south peer-to-peer trading for Bitcoin, Ether and USDT against its fiat currency.

Every bit Binance P2P is bachelor merely in China and Vietnam to date, the service volition be gradually expanded to add more countries over the grade of 2022, the printing release notes. Binance CEO Changpeng Zhao said in the press release:

"Binance is committed to providing our global users with more convenient fiat gateways and easy access to cryptocurrency, and our P2P service aims to lower the barriers to entry to the crypto world. We are pleased to introduce fiat-to-crypto P2P trading services to Vietnamese users to flexibly merchandise cryptocurrency at low costs."

Additionally, Zhao reiterated Binance's ambitious plans to expand fiat-to-crypto access on Binance for users in over 180 countries in order to achieve their mission of "liberty of money."

Why the P2P trading service is important

As reported by Cointelegraph, the idea of P2P cryptocurrency exchanges is providing direct trading betwixt participants without the need for a trusted tertiary political party to process the trades. Equally such, P2P trading is an important aspect of decentralization and is ordinarily operated and maintained exclusively by software.

P2P cryptocurrency trading is particularly significant in China due to the country'south hard stance towards crypto, including the ban on crypto-to-fiat trading and initial coin offerings in the country back in 2022.

Meanwhile, Vietnam is still working on cryptocurrency regulation. As of late March 2022, in that location was no legal framework for cryptocurrencies in Vietnam, as Cointelegraph reported. Despite regulatory uncertainty, Vietnam's regulators accept previously taken a negative stance to crypto by suspending the import of cryptocurrency mining hardware equally well as banning local companies from multiple crypto-related activities in July 2022.