Binance launches new fiat on-ramp for South African rand
To further push the commitment to increasing the freedom of money, from today and with immediate effect, Binance users in South Africa will be able to deposit ZAR from any South African bank account and enjoy features such as spot, margin, lending, futures trading, etc.
Binance ZAR fiat on-ramp services will be rolled out in two phases* from 2 April:
- Phase 1: Deposits and trading – with immediate effect, Binance users are now able to deposit ZAR into their Binance wallet and trade five trading pairs (see below).
- Phase 2: Withdrawals – From 9 April at 6am (UTC+2), Binance will enable ZAR fiat withdrawals (at a fee of R7.50)
* KYC verification and fiat deposit and withdrawal limits apply.
After depositing funds on Binance, users will be able to buy and sell crypto with five ZAR trading pairs: BTC/ZAR, BNB/ZAR, ETH/ZAR, USDT/ZAR, and BUSD/ZAR. To get started, users login to their Binance accounts and select “Wallet” on the menu bar >Spot Wallet>Deposit>Fiat and select ZAR.
“We believe that Africa is a blockchain continent. South Africa specifically demonstrates strong potential in leading crypto adoption and blockchain technology. Services such as our fiat-to-crypto functions are a viable solution to more financial inclusion,” said Changpeng Zhao, CEO of Binance, in a video shared at last month’s Blockchain Africa Conference 2020, in Johannesburg, on 11 and 12 March – where Binance first announced its initial plans for the South African market and the fiat gateway.
“It’s been an exciting time for our expansion into South Africa as we have rolled out a number of new features for users over recent weeks. Our team is committed to servicing our users, compliance and growth. There is also a focus on engaging with regulators, banks and the crypto community and overall working with everyone in the ecosystem to make crypto a reality for all South Africans,” said Tanya Knowles, Binance South Africa Lead.
Binance opened trading pairs for BTC/ZAR, ETH/ZAR, BNB/ZAR, BUSD/ZAR and USDT/ZAR last week (27 March) and has also made its ‘Instant Buy with Visa’ available in South Africa – crypto-currencies can now be bought instantly with Visa credit and debit cards on Binance.com.