Crypto exchange Binance on Wednesday announced the launch of peer-to-peer (P2P) trading for Bitcoin, Ether, and Tether against the Chinese yuan (CNY).
The exchange detailed that the P2P trading service will be initially available only to Binance users with accounts older than 30 days.
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
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For the time being, the service is only available on Binance’s Android application; however, the exchange also assured to bring the service to iOS and web users.
“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,” the announcement stated.
This came as the latest push by the cryptocurrency exchange to tap the lucrative traders in the Chinese market. The exchange is also planning to open an over-the-counter market, primarily supporting the Chinese yuan.
Reviving the Chinese crypto market
In late 2017, the Chinese government put a blanket ban on initial coin offerings and centralized crypto exchanges, driving all of these businesses out of the country overnight. China was seeing the highest volume in crypto trades prior to the ban.
With this, the Chinese crypto traders moved towards the peer-to-peer and OTC markets, which are still tolerated by the Chinese government and Binance is trying to capture both the markets.
In September, Binance, which is one of the largest crypto exchanges in terms of adjusted trade volumes, also invested in one of the major crypto-focused media firms in China.
Meanwhile, the Chinese central bank is also planning to introduce a digital currency, which can be seen as a digitized version of its fiat.