Binance P2P Cash Zone Closure: What It Means for Traders & Alternative Solutions
The cryptocurrency landscape is constantly evolving, and Binance, one of the world’s leading crypto exchanges, has announced a significant transition that will impact many users, particularly in Africa. Effective March 31, 2025, Binance will discontinue its P2P Cash Zone, a popular method that allowed users to exchange crypto for local fiat currency through peer-to-peer transactions.
This move aligns with Binance’s broader strategy to focus on core services and introduce innovative solutions that best serve its global user base. However, for many traders who relied on the P2P Cash Zone for seamless withdrawals, this decision raises an important question: How can you now withdraw crypto into your local currency?
At Ognimohub, we understand these challenges and in this post we have highlighted trusted alternative solutions that will enable users to withdraw their cryptocurrency securely and conveniently. Below, we explore six reliable platforms where traders can transfer their Binance balances and seamlessly withdraw funds into their local bank accounts or mobile money wallets.
Key Dates to Remember
To ensure a smooth transition, here are the critical deadlines regarding Binance’s P2P Cash Zone closure:
- Placing New Orders: Users can place new orders until 23:59 UTC+0 on March 25, 2025. After this period, no new transactions will be accepted.
- Order Fulfillment: Orders placed before the deadline will still be processed as usual.
- Full Closure: The P2P Cash Zone will cease operations entirely at 23:59 UTC+0 on March 31, 2025.
For those seeking withdrawal alternatives, the following solutions are highly recommended.
Alternative Solutions for Crypto-to-Fiat Withdrawals
To continue withdrawing cryptocurrency into your local currency after Binance’s P2P Cash Zone shutdown, you can use any of these platforms. Below are professional step-by-step guides for each withdrawal method, along with their respective pros and cons.
1. Trust Wallet (Highly Recommended)
Website: https://trustwallet.com
Trust Wallet is a secure, decentralized, and non-custodial crypto wallet that allows users to store, manage, and exchange digital assets effortlessly.
Steps to Withdraw Crypto via Trust Wallet:
- Download & Set Up Trust Wallet: Install the Trust Wallet app from the official website or your app store.
- Transfer Crypto from Binance to Trust Wallet:
- Open Binance and navigate to Withdraw.
- Select the cryptocurrency you want to transfer.
- Enter your Trust Wallet address and confirm the transaction.
- Convert Crypto to Fiat:
- Use Trust Wallet’s built-in swap or exchange services to convert crypto into stablecoins like USDT, BUSD, or USDC.
- Sell for Local Currency:
- Use a local P2P exchange that supports Trust Wallet withdrawals.
- Transfer funds from Trust Wallet to a local mobile money or bank account.
Pros:
- ✔ Highly secure and decentralized
- ✔ Supports multiple cryptocurrencies
- ✔ No third-party involvement
Cons:
- ✖ Requires an external P2P platform for fiat conversion
- ✖ May involve higher transaction fees for some swaps
2. Eversend Crypto (For Supported Countries)
Website: https://eversend.co
Eversend is a multi-currency wallet that enables users to send, receive, and exchange cryptocurrencies and fiat money.
Steps to Withdraw via Eversend:
- Download & Register on Eversend.
- Transfer Crypto from Binance to Your Eversend Wallet.
- Convert Crypto to Fiat.
- Withdraw to Your Local Bank or Mobile Money.
- Eversend supports several African countries, so check their list of supported locations before proceeding.
Pros:
✔ Supports direct bank and mobile money withdrawals
✔ Easy-to-use interface
✔ Provides additional financial services like remittances
Cons:
✖ Limited country availability
✖ Withdrawal fees may vary based on region
3. Skrill Crypto
Website: https://www.skrill.com
Skrill offers an easy way to convert and withdraw cryptocurrencies to fiat.
Steps to Withdraw Using Skrill:
- Create a Skrill Account & Verify Identity.
- Transfer Crypto from Binance to Skrill.
- Exchange Crypto for Fiat in Skrill.
- Withdraw to a Local Bank Account or Mobile Wallet.
Pros:
✔ Fast and secure withdrawals
✔ Supports multiple fiat currencies
✔ Well-regulated platform
Cons:
✖ Higher withdrawal fees compared to P2P
✖ Limited support for some countries
4. Ognimohub’s PayNexa (Best for Integrated Crypto & Fiat Transactions)
Website: https://paynexa.ognimohub.com
PayNexa by Ognimohub provides an all-in-one gateway for crypto, fiat, and banking transactions, making it a seamless solution for Binance users.
Steps to Withdraw Using PayNexa:
- Sign Up on PayNexa.
- Deposit Crypto into Your PayNexa Wallet.
- Choose a Withdrawal Option (Bank, Mobile Money, or Payment Gateway).
- Complete the Transaction & Receive Funds in Your Local Currency.
Pros:
✔ Comprehensive crypto-fiat gateway
✔ Direct bank and mobile money transfers
✔ Supports multiple cryptocurrencies
Cons:
✖ Newer platform, fewer users compared to established options
✖ May require additional verification steps
5. Bitget
Website: https://www.bitget.com
Bitget is a trusted crypto trading platform that supports multiple withdrawal methods.
Steps to Withdraw via Bitget:
- Create & Verify Your Bitget Account.
- Deposit Crypto from Binance to Bitget.
- Sell Crypto on Bitget’s P2P Marketplace.
- Withdraw to Your Local Bank Account.
Pros:
✔ Low transaction fees
✔ Supports multiple fiat options
✔ Secure and well-established platform
Cons:
✖ Requires identity verification
✖ P2P availability varies by country
6. ByBit
Website: https://www.bybit.com
ByBit offers a P2P marketplace that supports various withdrawal methods.
Steps to Withdraw via ByBit:
- Register & Verify Your ByBit Account.
- Transfer Crypto from Binance to ByBit.
- Sell Crypto for Fiat via P2P Trading.
- Withdraw to Your Preferred Local Payment Method.
Pros:
✔ Multiple withdrawal methods
✔ Competitive P2P exchange rates
✔ Secure and widely used platform
Cons:
✖ Limited support for some fiat currencies
✖ Requires KYC verification
Final Thoughts
While Binance’s P2P Cash Zone shutdown may pose challenges, alternative solutions like Trust Wallet, Eversend, Skrill, PayNexa, Bitget, and ByBit ensure seamless crypto-to-fiat withdrawals. Act now to transition smoothly!
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