Binance Launches P2P Trading for Bitcoin, Ethereum and Tether Plus New On-Ramps in China
Leading cryptocurrency exchange Binance is introducing peer-to-peer (P2P) trading functionality for Bitcoin (BTC), Ether (ETH) and Tether (USDT).
According to the company’s announcement, the Malta-based platform will be supporting P2P crypto trading with the Chinese yuan (CNY). Traders can use the service by downloading the updated Binance Android app.
“Access to P2P trading will be initially provided to Android users (Version: 1.12.1) that have Binance accounts registered for over 30 days. We will slowly roll out this service to iOS and web interface users going forward.”
Adds Binance CEO Changpeng Zhao,
“Last night, Binance Launches 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. Anything that makes it easier to get crypto.”
In addition to the new trading service, Binance is expanding fiat onramps for traders in China.
In response to a question about using Alipay and Wechat to facilitate Bitcoin and crypto purchases, Zhao says the highly popular mobile payment apps in China are now supported.YES https://t.co/dnHKQSLvS4 — CZ Binance (@cz_binance) October 9, 2019
Centralized crypto asset exchanges are not allowed to operate in China. The nation’s central bank, the People’s Bank of China (PBoC), began cracking down on crypto-related businesses in late 2017 due to the large number of scams orchestrated under the guise of initial coin offerings.
However, interest in crypto remains with enthusiasts seeking out various ways to gain access. Chinese residents can purchase Bitcoin and other cryptocurrencies through P2P platforms or via over-the-counter (OTC) desks. Digital asset exchanges reportedly facilitate CNY to BTC/USDT conversions through P2P OTC desks.
Earlier this ye...