Leading crypto exchange Binance has announced the launch of its peer-to-peer (P2P) trading service that will use WeChat and AliPay on-ramps for trading in China.
According to a press release published by BInance on Oct. 9, the crypto exchange has launched P2P trading in China with BTC, ETH and USDT against the Chinese Yuan. Android users will have first access to the P2P trading on Binance accounts that have been registered for at least 30 days, with iOS and web functionality integration to follow.
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
Anything that makes it easier to get #crypto.https://t.co/GX1sPK8Hql
In addition to P2P support, Binance CEO Changpeng Zhao confirmed that the service will accept fiat via AliPay and WeChat on-ramps.
The use of AliPay and WeChat on-ramps with P2P trading pairs against the Chinese Yuan broadens the accessibility of Binance and crypto in China. Despite the Chinese government instigating a crackdown on crypto mining and exchange operation, traders and investors have found ways to access crypto through alternative routes. Binance’s new P2P product will now make it easier for the 1.4 billion Chinese citizens to get ahold of bitcoin, ether, and other cryptoassets.
Zhao also hinted that India may be the next major market for the exchange to provide P2P crypto services for.
careful what you wish for😆— CZ Binance (@cz_binance) October 9, 2019
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