Binance CEO Changpeng Zhao has announced that the company will launch a fiat gateway for South African users, allowing them to make Rand deposits. The announcement was made on day one of the Blockchain Africa conference being held in Johannesburg this week.
CZ confirmed that South African traders would soon be able to make Rand deposits on the platform through the Binance website. Binance South Africa country manager, Tanya Knowles, elaborated on the company’s plans in her own keynote speech on Wednesday. Knowles said that many South Africans currently enjoy freedom of information and movement, but lack freedom of money.
Binance, the world’s largest cryptocurrency exchange by trade volume, currently supports trading in 180 countries and handles over 1.4 millions transactions per second. The value of its global transactions is around $4B per day, according to Coin360.
South Africans will soon be able deposit and use their Rands to interact with the entire Binance Ecosystem. Users will have access to give initial trading pairs including BTC/ZAR, BNB/ZAR, ETH/ZAR, USDT/ZAR and BUSD/ZAR.