Binance already allows trading with the South African rand

Binance will support direct transactions in South African Rand (ZAR), both deposits and withdrawals. Those users with banks that support the "Fastest Payment Service" will be able to deposit ZAR less than half an hour.

The system will allow to operate with Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Binance Dollar (BUSD) and Tether (USDT) through the South African currency. The exchange initiative is one more step of its trading strategy to invest in exchanges with previous banking relationships, to promote its crypto trading with local fiat currency in different parts of the world.

In South Africa , approximately 10.7% of internet users invest in Bitcoin . The country's profile - and even the continent - fits in with the idea of ​​boosting the potential of developing countries for the adoption of digital systems and the underpinning of a new financial system .

In its official post, Binance announced a trade promotion for all cryptocurrencies supported to trade with ZAR.

“Users who trade ZAR pairs during the promotion period will automatically be entered into a drawing for a prize equivalent of USD 100 in BTC. The commercial competition will run from May 13 (6:00 am GMT) to May 20, 2020 (12:00 am GMT) ”, explains the publication, which details the bases and conditions of the draw.

The entire African continent is an important source of investment for large exchanges and protagonists of the crypto scenario . Binance recently launched the “ Bundle ” social payments app in Nigeria. It is a system that was developed for users to request, send and receive cash and cryptocurrencies . The platform plans to reach the rest of the continent by the end of the year. Its objective is to realize the long-awaited desire of the African continent to achieve economic freedom .