Binance Launches P2P Trading for Chinese Yuan
Marie Huillet's original article for cointelegraph.com reduced by 79%
Major cryptocurrency exchange Binance has launched 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 already have Binance accounts registered for at least 30 days.
As Cointelegraph previously reported, Binance also plans to launch an over-the-counter trading platform in October - likewise initially CNY-exclusive. The exchange already runs an OTC trading desk for large-scale investors which raked in solid profits earlier this year. Both OTC trades and P2P functionality have a particular significance in China, which takes a notoriously tough stance towards the trading and issuance of decentralized cryptocurrencies.
In January 2018, Beijing banned fringe platforms, including P2P and OTC resources, tightening a blanket embargo on crypto-to-fiat trading and ICOs that was in place since September 2017. In September, Binance made its first strategic Chinese investment since leaving the country in the wake of the Sept. 2017 crackdown.
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