Binance reveals P2P platform metrics for the first time

Since its launch in October 2019, the total trading volume on Binance’s P2P platform for exchanging digital assets has reached $2.5 billion, ForkLog said, citing representatives of the exchange.

In early 2020, the platform added support for the Russian ruble and Ukrainian hryvnia. In July, trading volume in rubles amounted to $10 million. According to Binance representatives, this figure shows a monthly growth of 110%. A similar dynamic, Binance says, is observed in Ukraine, although precise data on this is not yet available.

Binance supports P2P trading not only in Bitcoin but also in BNB, ETH, EOS and BUSD.

Earlier, the combined volume of Bitcoin trades on LocalBitcoins and Paxful during the first week of August stood at a record $94.8 million. The growth driver was strong demand from residents of many African and Latin American countries, though Russia still topped the volumes as recently as June.

In Eastern Europe, weekly trading volume rose to $10.13 million. Of this, $9.09 million was attributed to Russia, $427,000 to Ukraine, and $224,000 to Belarus.

Earlier, CipherTrace researchers named LocalBitcoins and “Russian” bitcoin exchanges as key channels for the laundering of illegally obtained cryptocurrency proceeds.

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