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:
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.
Binance’s mobile crypto trading app is available on Both Android and iOS:
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Leigh Williams is the founder at IXA Media (Pty) Ltd., a digital marketing solutions provider and the publisher of CryptoLive.co.za