🌎 Binance Ends P2P Cash Zone by March 31

Cryptocurrency exchange Binance has reportedly informed its users of the shutdown of its P2P Cash Zone feature, effective March 31. The feature allowed users to trade crypto for cash through registered merchants with physical locations.

Binance Shuts Down P2P Cash Zone Feature

According to notifications shared by users on X, Binance made the decision to wind down the feature to focus on “core services and continuing to develop innovative solutions.” The exchange has not made any public announcements about the closure on its official channels. However, its customer support team has confirmed the move, stating that “other P2P exchange services with local currencies are working normally.”

Impact on Users

Users will no longer be able to browse ads from cash merchants and visit the store in person to complete the transaction. However, this does not affect other P2P trading services. Users can place new orders until March 25, but no new transactions will be accepted after that date. The full shutdown is scheduled for March 31 at 23:59 UTC+0.

“Other P2P exchange services with local currencies are working normally.”

– Binance Customer Support

What is P2P Cash Zone?

Launched in 2023, P2P Cash Zone allowed users to exchange crypto for cash through approved merchants with physical locations. The feature was described as a way for users to trade their crypto for “over 100 local currencies and choose from over 700 payment options.” Binance had positioned it as a “suitable option, especially for users in unbanked regions or who have limited access to financial services.”

It remains unclear why Binance decided to discontinue the service. However, users are advised to transition to online payment methods for peer-to-peer trading.