Cryptocurrency exchange Binance plans to add over-the-counter trading to its platform to provideusers the ability to convert funds to fiat.
Exchange co-founder and marketing director Hye Yi said at a press conference in Shanghai on Tuesday that users will be able to buy and sell their digital assets for RMB.
The new service will be part of the Binance initiativeexpansion in the Chinese market. The exchange is developing a payment service that will allow users from 170 countries to buy crypto assets using paper currencies at Binance.com.
Over-the-counter crypto-fiat trading iscritical for the Chinese market because local authorities are preventing exchanges from interacting directly with banks as part of a ban on initial coin offerings in September 2017.
Since then, other Chinese exchanges such as Huobiand OKCoin, have moved their operations to other countries. They offer cryptocurrency trading and use the services of over-the-counter market makers to help users buy and sell cryptocurrency using the Chinese yuan.
At the beginning of the month, the exchange began offeringSandboxes for testing two crypto futures trading platforms, Futures A and Futures B. Users will vote for the best. The exchange also acquired the JEX cryptocurrency exchange registered in Seychelles.
Yesterday, the exchange invested in Mars Finance, a Chinese company specializing in crypto data and media.
Based on materialshttps://www.coindesk.com/binance-to-add-fiat-to-crypto-otc-trading-in-a-month-co-founder-says