Altcoin News: Binance Has Opened a New Crypto-Fiat Channel for Traders From China

October 9, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Binance cryptocurrency exchange this Wednesday announced the launch of a P2P trading service with support for Bitcoin, Ethereum and USDT for exchange for Chinese yuan.

Initially, access to the service will be provided using the Android application to account owners who were registered more than 30 days ago.

“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,” wrote Changpen Zhao, CEO of Binance on Twitter. “Anything that makes it easier to get crypto.”

Binance announced plans to launch an over-the-counter trading service with fiat currency support for users from China in the middle of September.

According to company co-founder Hye Yi, this step is part of Binance’s broader strategy to increase its competitiveness in the local market.

In addition to Binance, similar services are provided to Chinese traders by exchanges such as Huobi and OKCoin.

Author: Marko Vidrih