- Binance opens P2P trading to 1.3 billion Chinese citizens
- Users can transfer the Chinese Yuan among each other instead of loading it on the Binance Exchange
- Similar models have be previously used all around India, Indonesia, UAE and many other countries with banking restrictions on Cryptocurrencies
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.
The exchange is now looking to reagin its homelands customer base.
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.
“China is not the end-goal, but rather a beginning for Binance’s expansion into this area of the world”, said Changpeng Zhao or CZ, the CEO of Binance when asked about their current move.
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.
To accelerate the expansion, WeChat and AliPay have also teamed up with the new P2P trading platform. This will allow the already existing user base on both the platforms to join the P2P trading initiative. A full-fledged plan to circumventing the entire country is planned.