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Binance Unveils P2P Crypto Trading for CNY

Binance unveils P2P crypto

Cointelegraph reported that Binance has introduced peer-to-peer trading for Bitcoin, Ethereum and Tether that is exclusive for the Chinese Yuan (CNY).

Binance announced on October 9 that Android users who already have Binance accounts registered for at least 30 days and have updated their Binance app to the newest version will be able to use the trading service first. 

It was also reported that Binance will launch an over-the-counter (OTC) trading platform in October this year.

Both OTC and P2P trades have notable impacts on cryptocurrency trading in China. In January 2018, China announced a ban on fringe platforms as well as P2P and OTC platforms. 

China has been developing its own government-backed digital currency which will be launched by its central bank.

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