Binance, a platform for exchanging cryptocurrencies, has announced it will begin accepting bank transfers from customers in South Africa. With the addition of this feature, customers can buy cryptocurrencies like Bitcoin and Ethereum through their linked banking app or online portal.
Binance’s Hannes Wessels is quoted in an article as saying that the upgrade will be a huge boon to the company’s South African customers. “With this new method added, users are now able to make deposits directly from their banking platform – just as they would when interacting with any other exchange,”
As a result, it facilitates the buying of cryptocurrency through conventional bank transfers initiated from within the user’s banking apps or portals. Heretofore, this was impossible. Consequently, this had an effect on the number of users who found the app useful.
A larger demographic would be exposed to cryptocurrency with this update, which should boost the app’s popularity in South Africa. This function streamlines Binance’s existing linked bank account feature.
Many people in South Africa are interested in cryptocurrency because of its potential returns, but they may be hesitant to invest due to their lack of familiarity with the market and the technology behind it. “By accepting bank transfers, we are simplifying the process significantly ffor new and existing users.”
Wessels claims there will be no fees associated with providing this service, and that the only restrictions will be those set by the user’s financial institution. But he stressed that depending on the bank’s processing responsiveness, it could take two or three days for the funds to show up in a user’s Binance account after making such a transfer.
Traders can also use ZAR to buy and sell cryptocurrencies. In practise, this means that South Africans can now use the rand currency to buy Bitcoin and Ethereum directly from Binance.
The Cryptocurrency exchange platform guarantees the safety of these bank-to-bank transactions, and that it has teamed up with payment processor, Stitch, to implement this new feature.
The idea of cryptocurrency has a lot of interest among Africans. For this reason, it should not be surprising that Binance now offers bank transfers as part of its service offerings, especially to its user base in South Africa.
The more we progress, the more likely it is that other advanced cryptocurrency exchanges will begin offering services that are tailored to the needs of their African customers.