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Binance launches P2P trading functionality; enables Bitcoin, Ether, USDT trading against CNY

Mark Prestwood

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Source: Pixabay

Malta-based cryptocurrency exchange, Binance, has been broadening its horizons in every possible way. It’s in the news again after Binance took to Twitter to announce the launch of a P2P trading functionality. The exchange’s tweet read,

The exchange’s blog post confirmed the same, stating that the platform has come up with P2P trading functionality that allowed users to trade Bitcoin [BTC], Ether [ETH] and Tether [USDT] against the Chinese Yuan[CNY].

This service is currently limited to only Andriod users that have accounts registered for more than 30 days however. iOS users and web interface users will be able to avail the service sometime in the future, the blog post read.

As part of its global expansion, the exchange recently launched its American exclusive platform, Binance.US. The exchange made its way into the EU by launching a fiat-to-crypto exchange in Jersey. Further, Binance Jersey has also listed the exchange’s British pound-backed stablecoin, Binance GBP [BGBP]. Binance has also revealed its NYDFS approved Dollar-backed stablecoin, Binance USD [BUSD].

The Changpeng Zhao-led exchange entered the Chinese cryptocurrency market by announcing the launch of a fiat-to-crypto Over the Counter [OTC] trading platform in the country. Last month, the exchange even made a strategic investment in Chinese media and data source firm, Mars Finance.

Alas, the exchange’s array of developments seem to have no effect on the price of its native cryptocurrency BNB, as the price is currently at its six-month low. However, at the time of writing, the eighth largest cryptocurrency by market cap had recorded a 5.92% increase in its price over the last 24 hours, pushing the token’s price to $17.

Mark is a full-time member of the Editorial team of AMBCrypto. With his five-year experience as a business editor for one of the largest dailies in the US, Mark brings sanity and order to our editorial team. Mark is a business major and loves building automotive parts when he's not working. Email him at [email protected] or [email protected]