P2P Crypto Trading Platform Adoption Is Decreasing in the Middle East

Vandana  |  Oct 23, 2020

Arcane Research, a crypto research and analytics firm, has recently published data stating that the major P2P crypto trading platform might not have a good response in the Middle East region, especially Iran and Lebanon. It is noted that despite being in such huge demand, the adoption of such platforms is slowing down. However, the undocumented migrants in most of the western countries are seen using these platforms for remittance. 

P2P Crypto Trading Volume Across the Middle East is Around 15%

The report from Arcane Research has also reported that P2P crypto trading volume across the Middle East, as well as North America, was around 15%. According to the report, centralized exchanges are offering crypto trading services in the developed Arab States. However, many regions still lack infrastructure for P2P adoption.

There is a huge demand for P2P crypto trading services in the countries of the Middle Eastern region. This is because countries are facing inflation and P2P services help them transfer money out of the country. Despite this, such platforms don't perform well in countries like Lebanon and Iran.

Bitcoin P2P Trading Methods Surged in the Region

Arcane Research's report has also claimed that there has been a surge in Bitcoin P2P trading methods in the Middle East region during the same period. The major reason why such P2P crypto trading platforms are face problems is due to the regulations. Along with this, a lack of infrastructure also plays a major role in it.

Back in September, Paxful announced that it will not be able to provide services in Venezuela because of the regulatory and sanctions issues. However, there was around 40% of the P2P volume across Latin America, despite the announcement. So, it is yet to be seen how it will turn out in the Middle Eastern region.

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