Binance launches a new service for buying and selling digital currencies between individuals (P2P)
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Answer Binance launches a new service for buying and selling digital currencies between individuals (P2P)
Yesterday, Wednesday, October 9th, Binance announced a new P2P trading service for Chinese users.
Accordingly, the service will enable Chinese users to trade Bitcoin, Ethereum and Tether for the Chinese yuan currency.
The launch of Binance’s P2P trading platform in China will enable it to take advantage of the huge amount of this type of trading in the region.
The Chinese authorities have banned cryptocurrency exchange and trading platforms since last September
This made Chinese users turn to alternatives to bypass the ban such as OTC or P2P trading.
For the record, trading cryptocurrencies using P2P allows sellers and buyers to deal directly with each other without the need for a third party to process the trades.
Read:Report: Samsung intends to launch a digital currency on the Ethereum network
OTC services are also provided by locally managed WeChat groups, and an average of $300,000 per day can be expected to process.
Huobi and OKEx are among the platforms that moved their work from China after the bans, but they continued their attempts to provide their services to Chinese users.
Binance does not want to be aloof from offering its services to Chinese users, which is why it proposed a P2P service for Chinese traders.
This was confirmed by Ms. “he yi”, co-founder of Binance, who announced Intent to dedicate time and resources to compete in the Chinese market.
In order to use Binance’s P2P trading service, the account must be in operation for at least 30 days as stated in the advertisement.
The service was also launched in the form of Android appWhile the iOS version and the desktop version will be released soon.
last night, Binance P2P trading launched, starting in China. Most CT scans probably can’t use it yet, but 1.4 billion people can. We will be expanding the service to other regions soon.
Anything easy to get # encrypt.
Read:Beware of new scams targeting holders of the digital currency “Dogecoin”
– CZ Binance (@cz_binance) October 9, 2019
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