One of the world’s largest crypto exchanges, Binance, is re-emerging in China with plans to host OTC yuan-to-cryptocurrency trades.
Binance is still one of the best-known names in the cryptocurrency trading industry, as it stands as one of the largest exchanges in the world. The exchange, headquartered in Malta, actually originated in China. However, due to regulatory crackdown on cryptocurrencies, ICOs, and exchanges especially, Binance quickly left for a more crypto-friendly environment.
Now, the leading exchange plans its return and domination over China’s market by introducing over-the-counter (OTC) yuan trading.
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
Binance will offer its new services on a newly-launched P2P trading platform, which will provide its users with several crypto-to-fiat trading pairs, including Bitcoin, Ethereum, and Tether, all of which would be paired against the yuan.
Binance’s founder and CEO, Changpeng Zhao stated that China is not the end-goal, but rather a beginning for Binance’s expansion into this area of the world. Of course, Binance already has offices in countries such as Taiwan and Japan, but it seems to believe that a large portion of this region remains untapped — ready to join the crypto-space on a strong platform that would allow it.
Binance’s return is not surprising, given that cryptocurrencies in China were never banned themselves. and OTC platforms made a lot of success since the exchange had left. These platforms host direct broker-to-dealer transactions, and those owned by OKCoin and Huobi are some of the most successful in the country.
Chinese tech giants Tencent and Alibaba have gotten used to seeing their products used more in OTC trading, despite the central bank’s warnings against involvement. Now, Binance is joining the scene itself, with its new OTC service.
This will also represent the continuation of its plans to introduce fiat-to-crypto exchanges on all continents, with Binance.Jersey, Binance.Singapore, and Binance.US already underway. The exchange also recently announced a new stablecoin that would rival Facebook’s Libra, indicating that Binance is fully dedicated to dominating the market in the future.
Do you think that Binance will be as popular in China as it is elsewhere? Could the situation in China improve for cryptocurrency exchanges? Let us know your thoughts in the comments below.
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