On March 31, 2025, Binance will officially cease the P2P Cash Zone feature, meaning users will no longer be able to buy and sell cryptocurrency through direct cash transactions with registered agents on the platform. This decision marks a significant shift for Binance in its strategy for developing and managing cryptocurrency trading.

1. Farewell to Direct Cash Transactions

Previously, Binance allowed users to meet in person to exchange cryptocurrency for cash through approved agents. This trading method provided flexibility for those who prefer direct transactions and need immediate payment. However, due to various associated risks, Binance decided to gradually phase out this form to protect users.

2. Transition to Digital Payments

After discontinuing support for cash transactions, Binance will focus on P2P transactions using digital payment methods such as:

  • Bank transfer: Online transactions through the banking system allow for monitoring and verification of transactions.

  • Mobile e-wallet: Using modern mobile payment applications to conduct transactions quickly and conveniently.

  • Third-party payment platforms: Support transactions through reputable payment services, ensuring transparency and safety.

Shifting to digital methods not only provides users with more options but also minimizes risks associated with cash transactions.

3. Reasons Behind the Decision

This decision arises from several main reasons:

  • Concerns about regulatory compliance: Regulatory agencies are tightening regulations related to cash transactions due to concerns about money laundering risks and financial fraud.

  • Improving security: Direct cash transactions can lead to personal safety risks and fraud. Transitioning to digital trading enhances security for users.

  • Enhancing transparency: Digital payment methods allow for easier transaction tracking, thereby supporting audit processes and compliance with legal regulations.

4. User Guide

If you have previously used the P2P Cash Zone feature to conduct cryptocurrency transactions, please note the following steps:

  • Transition to digital payment methods: Before March 31, 2025, please update your payment information and choose online transaction methods such as bank transfer, e-wallet, or third-party payment platforms.

  • Follow announcements from Binance: Always stay updated with the latest information on the homepage and Binance's announcement channels to keep abreast of changes and specific guidance from the platform.

  • Reevaluate trading strategies: Review your current trading methods to ensure a smooth and safe transition to digital trading.

Conclusion

The cessation of the P2P Cash Zone feature by Binance is a step forward to enhance security, transparency, and compliance with increasingly stringent legal regulations.

Although this may cause inconvenience for some users accustomed to direct cash transactions, shifting to digital payment methods will provide long-term benefits, helping to better protect users' assets and information.

Proactively prepare and adjust your trading methods to ensure smooth and safe trading on Binance in the upcoming period.