Binance Opens New Crypto-Fiat Channel for Chinese Traders Binance this Wednesday announced the launch of a P2P trading service with support for Bitcoin, Ethereum and USDT to be exchanged for Chinese yuan.

Binance Opens New Crypto-Fiat Channel for Chinese Traders

Cryptocurrency Binance exchange in this Wednesday announced the launch P2P trading service with Bitcoin support, Ethereum and USDT to exchange for Chinese yuan.

Initially, access to the service will be provided through the Android application to account holders who were registered more than 30 days ago.

“Last night, Binance launched P2P trading, starting in China. Most Twitter users probably can't use it yet, but 1.4 billion people can. We will soon expand the service to other regions, '' wrote Binance CEO Changpen Zhao. - Everything to simplify access to cryptocurrencies ".

Binance announced plans to launch a fiat-based OTC trading service for Chinese users in mid-September. The move is part of Binance's broader strategy to increase its competitiveness in the local market, according to company co-founder He Yi..

In addition to Binance, exchanges such as Huobi and OKCoin provide similar services to Chinese traders..

UPD: Zhao confirms that Alipay and WeChat Pay, popular in China, are available for users to fund accounts with fiat currency..

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