Cryptocurrency exchange Binance has launched a peer-to-peer digital asset trading platform in China, according to an announcement from the firm’s CEO, Changpeng ‘CZ’ Zhao.
The move is a bold step by the Malta-based company as cryptocurrency exchanges have been banned in China since 2017. However, Chinese citizens are still able to purchase cryptocurrency over-the-counter or peer-to-peer.
The service will allow Chinese users to purchase Bitcoin, Ethereum and Tether with the Chinese Yuan. It will also support WeChat and Alipay channels as two additional fiat gateways for customers.
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
Android users will be able to get their hands on the service immediately, with the official announcement stating: “Access to P2P trading will be initially provided to Android users (Version: 1.12.1) that have Binance accounts registered for over 30 days.”
Binance has taken a Gung-ho approach in their global expansion this year, launching the regulated Binance US platform to customers in the United States while offering margin trading and Bitcoin futures to existing customers on Binance.com.
After launching during the bull market in 2017, Binance has consistently topped the charts in terms of daily trade volume. At the time of writing its daily trade volume is $881 million with a monthly volume of $27 billion.
For more news, guides and cryptocurrency analysis, click here.