Binance Launches P2P Trading for Chinese Yuan
Major cryptocurrency exchange Binance launches peer-to-peer trading for Bitcoin, Ether and Tether against the Chinese yuan.
In an announcement published on Oct. 9, the exchange revealed that the service will be initially available to Android users who have had Binance accounts registered for at least 30 days.
The exchange states that users should update their Binance Android app to the latest version in order to gain access to the new service and that it will slowly roll out support for iOS and web interfaces in future.
P2P functionality to expand
Binance CEO Changpeng Zhao has indicated in a tweet that Binance’s foray into P2P trading won’t stop with the Chinese market:
“P2P Trading, starting with China. Most of CT probably can’t use it yet, but 1.4 billion people can. We will expand the service to other regions soon.”
Skirting the Great Wall
The exchange already runs an OTC trading desk for large-scale investors which raked in solid profits earlier this year.
In September, Binance made its first strategic Chinese investment since leaving the country in the wake of the Sept. 2017 crackdown. It reportedly participated in a $200 million funding round of Beijing-based Mars Finance, a China-based crypto and blockchain publication.