Crypto Exchange Binance Launches P2P Trading for Chinese Yuan
Cryptocurrency exchange Binance has enabled P2P trading functionality with BTC, ETH and USDT available for trading against CNY (Chinese Yuan) on Oct. 9.
According to its announcement, Android users that have Binance accounts registered for over 30 days now can have access to P2P trading, and iOS and web interface users could expect this service soon.
On hearing the news, crypto traders from the neighboring country India urgently called for such P2P service. Changpeng Zhao, founder and CEO of Binance replied that “careful what you wish for”, seemingly hinting that crypto P2P trading in India may be in progress.
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
Starting with the huge Chinese market with a population of 1.4 billion people, Binance is looking to recover the engagement and interest of its Asian communities by enabling P2P trading which have long been the main channel to trade cryptos directly between two parties in the crypto sphere, especially in countries that hold negative attitude towards cryptocurrencies like China and India.
It marks a major step forward for the China-born exchange to head back to the Chinese market after its leaving in 2017 when the Chinese government had enforced a crypto trading ban that resulted in a plurality of companies either directly shutting down or moving out of the country.
Even though the country’s hostility towards cryptocurrencies, the Chinese crypto community still constitutes a large proportion of the world’s crypto transaction volume. Data from Coinlib shows that more than $317 million worth of Chinese yuan poured into the crypto market in the past 24 hours, making CNY the second entry fiat currency into crypto economy close behind the U.S. dollar.