Binance to Tap Chinese Market with Fiat-Crypto OTC Trading

The exchange will also add fiat support for traders in 170 countries.

Crypto exchange Binance is considering to jump in the over-the-counter (OTC) trading field by adding the service to its platform in a month.

First reported by Coindesk, the new service will provide gateways to deposit fiat currencies and will primarily support the Chinese yuan.

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With this, the exchange aims to strengthen its hold in the lucrative Chinese crypto trading market where traders are flocking to the OTC desks after a ban on the crypto exchange, He Yi, chief marketing officer at Binance, revealed on Tuesday in the Shanghai Blockchain Week.

In addition to the OTC services, the Malta-registered exchange will also add support to purchase digital assets using fiat currencies on its main platform – Binance.com – for 170 countries.

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In September 2017, the Chinese government overnight banned crypto exchange and initial coin offerings (ICOs) in the country, which then was the largest crypto trading market. However, without access to any crypto exchange, the Chinese traders turned towards the fiat-crypto OTC market, which is still operating in the country.

This also boosted the demand for such services in the country, and stablecoins like Tether are often sold at a premium price on them.

Ambition to become the largest crypto company

According to Coinmarketcap.com, Binance is currently the largest cryptocurrency exchange in the world and handled more than $1.5 billion worth of crypto trades in the past 24 hours.

After dominating the crypto-to-crypto spot trading market for so long, the exchange is now expanding its business in every possible area in the crypto industry. It is already set to launch a crypto futures exchange and has released two testnets to get traders’ feedback.

In addition, the company is also investing in an array of crypto businesses, the most recent one being a crypto news and data sourcing platform in China. The exchange also jumped into the stablecoin issuers market recently and rolled out crypto lending services.

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