July 22, 2024

Binance Exchange has announced the launch of a P2P exchange service with support for fiat currencies

The Binance cryptocurrency exchange announced the launch of a P2P trading service with support for fiat currencies. First to starthaggle Chinese yuan in BTC / CNY, ETH / CNY and USDT / CNY pairs.

At the first stage, access to the service will be availableonly to owners of Android devices with accounts registered more than 30 days ago. To do this, you need to download or update the Binance application to the latest version 1.12.1. In the future, it is planned to add support for iOS-based systems and the service will become available on the exchange website. To top up your accounts with fiat currency, you can use the payment services Alipay and WeChat Pay, which are common in China.

“Last evening we launched P2P trading, startingfrom China. There is a possibility that many Twitter users currently cannot use the service, but 1.4 billion people already can. The number of supported regions will soon be expanded, — noted Binance CEO Changpeng Zhao. “We are doing everything to make access to cryptocurrencies as simple as possible for everyone.”

Let us remind you that plans to launch an over-the-counter servicefiat-enabled trading for Chinese users was announced in mid-September. Then the company's co-founder He Yi said that this step is just part of a larger plan to increase Binance's competitiveness in the Chinese market. She also added that the crypto-fiat platform is extremely important for Chinese traders, because local authorities are trying by any means to prevent the direct use of bank accounts to purchase digital assets.

At the moment, similar services in the local market are already provided by Huobi and OKCoin.