Binance, one of the world’s leading blockchain ecosystems and cryptocurrency infrastructure providers, today announced that it has added a fiat gateway for the South African Rand as it expands its product offerings and bolsters its local presence in the region. This after first introducing ZAR to their platform in 2020, and subsequently removing the fiat gateway in early 2021 due to regulatory obscurity.
This development will enable South African users to make fast, secure deposits via Instant EFT as Binance remains committed to increasing the adoption and mainstream accessibility of crypto.
Users are now able to deposit South African Rands (ZAR) into their Binance wallet instantly and buy crypto, providing a new and competitive fiat gateway for South Africa. They will also be able to convert ZAR into BTC, BUSD, ETH, USDT and BNB.
“Our goal at Binance has always been to drive crypto adoption and promote financial accessibility. We are thrilled to be taking this next step in making access to digital assets more effortless for South Africans.” said Hannes Wessels, newly announced Country Lead for Binance in South Africa.
After launching back in July 2017 as a crypto-to-crypto exchange the company became the world’s largest crypto exchange in only six months. Today, the exchange is a global blockchain ecosystem spanning across trading services, infrastructure solutions, educational resources, research, social good and charitable programs, investment and incubation initiatives. By providing access to broad financial tools while maintaining one of the lowest fees in the business, Binance aims to makke crypto accessible to everyone in South Africa.