Target China: Binance Adds BNB to Its P2P Trading Platform

Crypto exchange Binance has added its native Binance Coin (BNB) on the recently launched peer-to-peer (P2P) Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.

Announced today, this listing will enable Chinese traders to trade the digital currency against Chinese yuan using Binance’s mobile application.

#Binance has enabled BNB P2P Trading for users in China via the Binance app. pic.twitter.com/UQRUA2s4Z7

— Binance (@binance) October 29, 2019

The Malta-registered exchange launched its P2P platform earlier this month to tap into the lucrative yet limited Chinese market. Initially, the platform only enabled trading services for Bitcoin, Ether, and Tether against the Chinese yuan (CNY) and is now slowly increasing its offerings.

Though the P2P trading service was only launched for Android users, the exchange is working on adding support for the same to iOS devices and web clients.

Reopening of the Chinese market

China blocked the centralized crypto exchange from operating in the country in late 2017, which forced major local exchanges to exile from the country. Then the largest crypto market in terms of trading volume, Chinese traders soon approached the over-the-counter (OTC) desks and P2P platforms to trade crypto without any centralized supervision.

In its attempt to tap the Chinese crypto trading market, Binance is also planning to launch an OTC platform in the country.

Issued by Binance, BNB can be used in paying transaction fees in the exchange and its development and project marketing. With a market cap of nearly $3.2 billion, it is one of the top ten largest digital currencies available on the market today, according to Coinmarketcap.com.

Earlier this month, Swiss stock exchange SIX also listed an exchange-traded product (ETP) backed by BNB. The exchange is also pushing for these developments to make its native token accessible to a wide audience.

Meanwhile, in China, the crypto industry might revive again as the country’s President recently announced the government's plan to embrace Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term and digital currencies.