Binance has reportedly informed users that it is shutting down its P2P Cash Zone service on March 31, advising them to transition to online payment methods for peer-to-peer trading. The move marks the end of a feature that allowed users to exchange crypto for cash through registered merchants.
P2P Cash Zone Shutdown Timeline
According to multiple user reports on X, Binance notified affected customers that it is discontinuing the feature as part of its strategy to focus on core services and explore new innovations. The exchange has not made an official announcement through its main communication channels, but Binance’s customer support team appeared to confirm the decision in an X response, clarifying that “other P2P exchange services with local currencies are working normally.”
Users can place new orders on the platform until March 25, after which no new transactions will be processed. The service will be completely phased out by March 31 at 23:59 UTC+0.
What Was Binance’s P2P Cash Zone?
Launched in 2023, Binance’s P2P Cash Zone allowed users to trade crypto for cash through verified merchants with physical store locations. The feature was designed to support users in unbanked regions or those with limited access to traditional financial services. Binance had promoted it as a way for users to trade crypto in over 100 local currencies with access to more than 700 payment methods.
Unclear Reasons Behind the Shutdown
Despite the shutdown announcement, Binance has not publicly disclosed the specific reasons for discontinuing the service. The move raises questions about potential regulatory pressures or a shift in the exchange’s strategic focus. However, Binance assures users that other P2P trading services remain operational, allowing them to continue trading through digital payment methods.
As the shutdown date approaches, Binance users who relied on P2P Cash Zone for in-person crypto transactions will need to transition to alternative payment methods to continue trading.
