Leading cryptocurrency exchange Binance is reportedly considering a move to over-the-counter (OTC) trading to supplement its online crypto platform.
Binance OTC Trading
According to a report by CoinDesk, Binance is planning to leverage the Chinese market for crypto-assets by creating a fiat on-ramp OTC trading desk sometime in the next month. The service will reportedly provide a gateway to deposit fiat currencies, particularly the Chinese yuan.
He Yi, co-founder and chief marketing officer at Binance, told audience members at Shanghai Blockchain Week that Chinese cryptocurrency traders are flocking to OTC desks following the crackdown on exchanges. While the Chinese government outright banned cryptocurrency exchanges and initial coin offerings (ICOs) in 2017, over-the-counter trading has continued to operate in the country.
OTC trading would provide further penetrance for Binance into the Chinese market and allow the Malta-registered company to expand its operation beyond the popular digital platform, which is the current leading exchange by volume.
Yi also added that Binance intends to roll out a new payment service to allow users from 170 countries to purchase crypto-assets directly with fiat through Binance.com.
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