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Binance Launches New Fiat On-Ramp for the South African Rand (ZAR)

Binance Launches New Fiat On-Ramp for the South African Rand (ZAR)

Binance Launches New Fiat On-Ramp for the South African Rand (ZAR)

Binance has announced the opening of a new fiat on-ramp for the South African Rand (ZAR). Users are now able to deposit Rands (ZAR) via bank transfer (EFT). This provides a new and competitive fiat gateway for South Africa.

After depositing funds to Binance, users will be able to buy and sell crypto with five Rand (ZAR) trading pairs: 

  • BTC/ZAR 
  • BNB/ZAR 
  • ETH/ZAR 
  • USDT/ZAR
  • BUSD/ZAR.

This service will be rolled out in two phases:

  • Phase 1: Deposits and Trade – With immediate effect, Binance users are now able to deposit Rands (ZAR) into their Binance wallet and trade in the five trading pairs above.
  • Phase 2: Withdrawals – From 9 April @6am (UTC+2), Rand (ZAR) fiat withdrawals will be enabled for all Binance users.

KYC (level 2) account verification and fiat deposit/withdrawal limits apply.

Binance’s new fiat on-ramp for the South African Rand comes after Binance first announced in March that they will be launching a Fiat gateway in South Africa.

Binance is also in the final stages of talks to acquire CoinMarketCap. Binance is looking to pay as much as $400 million for the deal.

Binance is taking on established exchanges in South Africa such as Luno, iCE3X and Altcoin Trader. The South African crypto-market is now more competitive, especially with Binance’s entrance into the market.

See Also
How to buy ethereum in South Africa

Binance’s mobile crypto trading app is available on Both Android and iOS:

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