The leading cryptocurrency exchange Binance has launched a new P2P trading functionality against the Chinese Yuan (CNY). The cryptocurrencies available include Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Binance, one of the largest cryptocurrency exchanges in the market, is launching new P2P services for users.
According to a recently published press release, the new service will be provided to Android users that have Binance accounts registered for over 30 days.
Users that want to have access to the new services will have to download the latest Binance Android application. In the future, the goal is to roll this function to iOS and web interface users. In this way, they will be able to attract the most significant amount of users as possible.
The CEO of Binance, Changpeng Zhao, said that P2P trading started in China, and most of the crypto twitter would not be able to use it yet. However, 1.4 billion individuals can start using it.
He has also informed that the new services could be rolled out in other regions and countries soon.
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.
— CZ Binance (@cz_binance) October 9, 2019
When a user asked about expanding the services to India, Mr. Zhao answered:
“Careful what you wish for.”
Moreover, Binance is also working to launch an over-the-counter (OTC) cryptocurrency trading platform this month.
In addition to it, the exchange is already offering services to large-scale investors that want to have access to digital assets without relying on a traditional cryptocurrency exchange platform.
OTC and P2P functionality are critical to Chinese traders that have been affected by a central government that controlled the cryptocurrency market and imposed limits on users’ activities.
Binance has also recently expanded to the United States with the new Binace.US platform. Although the new exchange for U.S. citizens does not include a large number of trading pairs as of today, the team behind the exchange is working on adding new cryptocurrencies to the platform.