Binance Launches P2P Crypto Trading Against Chinese Yuan

Crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Binance on Wednesday announced the launch of peer-to-peer (P2P) trading for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Ether, and Tether against the Chinese yuan (CNY).

The exchange detailed that the P2P trading service will be initially available only to Binance users with accounts older than 30 days.

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.https://t.co/GX1sPK8Hql — CZ Binance (@cz_binance) October 9, 2019

For the time being, the service is only available on Binance’s Android application; however, the exchange also assured to bring the service to iOS and web users.

“Please download or update to the latest Binance Android app for access to this service. We will slowly roll out this service to iOS and web interface users going forward,” the announcement stated.

This came as the latest push by the cryptocurrency exchange to tap the lucrative traders in the Chinese market. The exchange is also planning to open an over-the-counter market, primarily supporting the Chinese yuan.

Reviving the Chinese crypto market

In late 2017, the Chinese government put a blanket ban on initial coin offerings and centralized crypto exchanges, driving all of these businesses out of the country overnight. China was seeing the highest volume in crypto trades prior to the ban.

With this, the Chinese crypto traders moved towards the peer-to-peer and OTC markets, which are still tolerated by the Chinese government and Binance is trying to capture both the markets.

In September, Binance, which is one of the largest crypto exchanges in terms of adjusted trade volumes, also invested in one of the major crypto-focused media firms in China.

Meanwhile, the Chinese central bank is also planning to introduce a digital currency, which can be seen as a digitized version of its fiat.