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Binance Unveils P2P Trading Facility for Chinese Yuan

| Updated
by Bhushan Akolkar · 2 min read
Binance Unveils P2P Trading Facility for Chinese Yuan
Photo: Binance Blog

Crypto exchange Binance continues its development spree by announcing a new P2P trading facility making BTC, ETH, and USDT available against the Chinese Yuan.

Crypto exchange Binance is on an aggressive development spree this year. On Wednesday, October 9, Binance has launched its new P2P trading facility for trading cryptocurrencies against the Chinese Yuan. Currently, this facility is only available for Android users. However, it has promised to roll-out this facility on iOS and web interface as well. In its announcement, the crypto exchange said:

“Binance has launched P2P trading functionality with BTC, ETH and USDT available for trading against CNY (Chinese Yuan). Access to P2P trading will be initially provided to Android users (Version: 1.12.1) that have Binance accounts registered for over 30 days. Please download or update to the latest Binance Android app for access to this service. We will slowly roll out this service to iOS and web interface users going forward.”

Soon after the company announcement, CEO Changpeng Zhao took it to Twitter to announce Binance plans to take its P2P trading facility further beyond the Chinese markets.

In addition to the P2P trading platform, Binance is also working on the launch of an OTC trading platform in China by this month.

Binance’s Latest Developments

Crypto exchange Binance is holding no horses back when it comes to taking new initiatives and bringing new services to the market. Besides, the crypto exchange is also extensively working on bringing crypto use to global citizens.

Last month, Binance separately launched its services and marketplace in America owing to the regulatory requirements of the U.S. Catherine Coley, CEO of Binance.US, said:

“Binance.US is tailor-made for Americans at every step of its development. We are thrilled to establish Binance.US as a distinctive marketplace with roots in America, as we aim to educate and foster the American community to adopt crypto with purpose.”

Furthermore, the company also launched its exclusive cryptocurrency staking platform. The platform allows users to earn interest and dividends just by depositing their crypto assets to Binance.

Furthermore, the exchange also introduced its market markers program to usher more liquidity in the crypto market. Binance is also dipping its toes in the stablecoin market and plans to launch its Venus stablecoin pegged to different crypto assets around the globe.

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