Binance shuts down P2P Cash Zone for in-person crypto trades: report

Binance has reportedly informed P2P Cash Zone users of the service shutdown, advising them to transition to online payment methods for peer-to-peer trading.

Cryptocurrency exchange Binance is reportedly shutting down its P2P Cash Zone feature on March 31, ending a service that let users trade crypto for cash through registered merchants.

In multiple posts on X, users from different regions shared notifications from Binance stating that the exchange made the decision to wind down the feature to focus on “focusing on our core services and continuing to develop innovative solutions.”

As of press time, Binance made no public announcements about the closure on its official channels. However, in a response on X, its customer support team appeared to confirm the move, stating that “other P2P exchange services with local currencies are working normally.”

According to reports, users can place new orders until March 25, but no new transactions will be accepted after that date. The full shutdown is scheduled for March 31 at 23:59 UTC+0.

Launched in 2023, P2P Cash Zone allowed users to exchange crypto for cash through approved merchants with physical locations. In a 2023 blog post, Binance described the feature as a way for users to trade their crypto for “over 100 local currencies and choose from over 700 payment options.” The exchange had positioned it as a “suitable option, especially for users in unbanked regions or who have limited access to financial services.” It remains unclear why Binance decided to discontinue the service.