Binance, the world's largest cryptocurrency exchange by trading volume, announced it will discontinue the P2P Cash Zone service and delist stablecoin trading pairs in the European Economic Area by March 2025.
Closure of P2P Cash Zone
According to a March 3, 2025 communication, Binance informed its users about plans to terminate the P2P Cash Zone service, which enabled users to buy and sell cryptocurrency for cash through registered merchants. The closure is part of Binance's strategy to focus on core services that best serve its global user base.
Impact on Users
Experts believe the closure of the P2P Cash Zone may affect users who rely on cash transactions for crypto trading, especially in regions where bank transfers and e-wallets are not readily available. This could also negatively impact market liquidity on Binance's P2P platform as cash transaction users seek alternative solutions.
Delisting of Stablecoins in EEA
Binance also announced plans to delist nine stablecoin trading pairs in the European Economic Area by March 31, 2025. This decision aligns with the European Union's "Markets in Crypto-Assets" (MiCA) regulatory framework. Coins such as Tether (USDT) and TerraUSD (UST) are among those affected. They will be removed from the Binance platform after the mentioned date.
Binance's decisions to close the P2P Cash Zone and delist stablecoins in the EEA emphasize its commitment to regulatory compliance and focusing on key services.
