The world’s largest cryptocurrency alternate by buying and selling quantity will discontinue its P2P Money Zone, a peer-to-peer service permitting customers to purchase and promote crypto for money with registered retailers, on March 31, 2025.
In accordance with a March 3 e mail despatched to customers, Binance defined its motive for shutting down this system, saying will probably be focusing extra on its main choices.
“Binance has made the choice to wind down the P2P Money Zone. This resolution displays our dedication to specializing in our core providers and persevering with to develop options that greatest serve our world consumer base,” the corporate acknowledged.
In accordance with the discover, customers can entry the P2P Money Zone till March 25, 2025, at 23:59 UTC, and new orders may be positioned till that deadline. “Orders submitted earlier than this cutoff interval will proceed to be processed as common,” it added.
After March 31, 2025, at 23:59 UTC, the service will probably be absolutely discontinued, and no additional transactions will probably be supported. Binance has inspired customers to search for different cost strategies obtainable on its P2P platform, together with financial institution transfers and e-wallet providers, to keep away from experiencing any buying and selling disruptions.
What do customers stand to lose with out the P2P money zone program?
The crypto group expects the P2P Money Zone closure to have an effect on customers who depend on money transactions for crypto buying and selling. Money transactions, in keeping with market consultants, assist preserve merchants’ anonymity in areas the place financial institution transfers and e-wallets are usually not essentially obtainable.
Closing the P2P Money Zone may negatively have an effect on market liquidity on Binance’s P2P platform. Some merchants who primarily use money transactions could select to depart the platform if they’re unable to search out appropriate alternate options, lowering the general buying and selling quantity and risking driving up transaction prices for customers.
Binance’s resolution to close down the P2P Money Zone comes in opposition to the backdrop of accelerating regulatory scrutiny on crypto-to-cash transactions. In accordance with market safety watch platform Chainalysis, peer-to-peer cash-based buying and selling is usually linked to scams, unauthorized reversals, and cost disputes.
Binance to delist stablecoin buying and selling pairs within the EEA
On Monday, Binance introduced that it’ll delist buying and selling pairs for 9 stablecoins within the European Financial Space (EEA) by March 31, 2025. The crypto alternate stated it would take away the buying and selling pairs from its markets to observe the European Union’s Markets in Crypto-Property (MiCA) regulatory framework.
The stablecoins affected by this resolution embody Tether (USDT), First Digital USD (FDUSD), TrueUSD (TUSD), Pax Greenback (USDP), Dai (DAI), Anchored Euro (AEUR), TerraUSD (UST), TerraClassicUSD (USTC), and Paxos Gold (PAXG).
In accordance with Binance’s assertion, customers will nonetheless be capable of commerce these stablecoins till the March 31 deadline. However after the date, the alternate will fully take away them from its spot market, stopping any additional transactions involving these property on its platform.
The corporate additionally stated it would delist non-compliant margin pairs on March 27, 2025, that means that merchants holding positions in affected pairs might want to modify their methods earlier than the deadline. Any remaining balances in these delisted margin pairs will probably be routinely transformed to Circle’s USD Coin (USDC).
