Binance Ends P2P Cash Zone Service⋯Users Scramble to Find Alternatives as Cash Transactions Halt

# Binance to Terminate P2P Cash Zone Service by Month's End Binance, the world's largest cryptocurrency exchange, announced that it will discontinue its P2P Cash Zone service on October 31. This service has enabled users to trade digital assets for cash through registered merchants. According to The Coin Republic, Binance will terminate the service to enhance core offerings and focus on developing new business initiatives. The P2P Cash Zone, introduced in 2023, has facilitated the exchange of over 100 local currencies in regions with poor financial infrastructure, acting as a bridge between fiat currencies and digital assets. However, with the end of the cash-based P2P service, users will need to find alternative methods for transactions. This change poses significant challenges, especially for users who have relied on direct cash transactions, as online transfers and digital payments may not serve as perfect substitutes. The termination will also impact the conversion of stablecoins to fiat currencies. Experts suggest that the demand and circulation of Binance's stablecoin could decline as a result of this decision. Binance clarified that it is not halting all P2P services but will continue to operate other P2P platforms. Experts speculate that while this decision might limit the use of digital assets in financially underserved areas, it could also lead to the development of more advanced services.