Crypto Exchange Binance to Offer OTC Trading Supporting Chinese Yuan in a Month
Cryptocurrency exchange Binance is planning to roll out over-the-counter (OTC) trading for Chinese yuan to its platform in a month, says its cofounder and CMO He Yi.
He Yi announced the news at a media session on September 17 during the Shanghai Blockchain Week, saying that the exchange would add new OTC onramp for Chinese yuan in the next month.
He continued that Binance has in fact enabled users from 170 countries to buy cryptocurrencies using fiat currencies, though it has not been announced yet. But this payment service will come into sight soon, expectedly to roll out in a month.
With the roll out of more fiat onramp via OTC, the exchange is seemingly working through every permutation possible.
The company was founded in China but moved its servers and headquarters out of the country in advance of the Chinese government’s ban on ICOs and companies’ providing cryptocurrency trading services in September 2017.
Even though the exchange has moved overseas, Binance has no such offerings for Chinese users to buy crypto assets directly with Chinese yuan, unlike other long-running Chinese exchanges such as OKEx and Huobi that have Chinese yuan-to-crypto OTC feature available.
OTC trades, done directly between two parties without the supervision of an exchange, have long been the main channel to buy bitcoin directly with fiat money in China.
That explains why the exchange is not usually the first choice for most crypto newbies in China though known as the largest crypto exchange for the most time. Its new service of OTC trading supporting Chinese yuan indicates the exchange’s ambition of coming back to the Chinese market. It remains to be seen as to how Binance’s OTC trading platform gets a response from the Chinese crypto market.
In the past few months, Binance has revealed a line of latest developments, including U.S.-based branch Binance.US, dollar-pegged stablecoin BUSD, Libra competitor Venus, Binance Lending, etc., which caters to almost all the market needs.