Leading cryptocurrency exchange Binance has started P2P trading functionality on its platform. According to the official announcement, users can trade BTC, ETH and USDT available for trading against CNY (Chinese Yuan).
P2P trading will be initially available only to Android users that have Binance accounts registered for over 30 days. Users will need to download and update the Binance Android app to access the feature. The exchange will roll out this service to iOS and web interface in the coming days.
It is interesting that the company has chosen China to launch its P2P product. While cryptocurrencies are not explicitly banned in the country, the asset class has faced a lot of resistance from the government. Binance’s new product will give the 1.4 billion Chinese population an easy route to invest in cryptocurrencies.
P2P exchanges have proven extremely popular in India to circumvent the RBI banking ban. When Twitter users asked Binance CEO Changpeng Zhao about plans for an India launch, he said, “careful what you wish for”, possibly suggesting that the exchange may launch its P2P feature in the Indian market soon.