Binance cryptocurrency exchange will increase its competitiveness in the Chinese market Binance cryptocurrency exchange plans to implement OTC trading on its platform in a month to provide users with additional methods for making fiat deposits. Specifically, the exchange will maintain a fiat channel for the Chinese yuan, Binance co-founder and chief marketing officer He Yi said on Tuesday.

Binance cryptocurrency exchange will increase its competitiveness in the Chinese market

Cryptocurrency Binance exchange plans to implement the possibility of over-the-counter trading on its platform in a month to provide users with additional methods for making fiat deposits. In particular, the exchange will support a fiat channel for Chinese yuan, Co-founder and Chief Marketing Officer of Binance He Yee said on Tuesday.

The new service will be part of the company's plan for the coming months to allocate additional time and resources for improving competitiveness in the Chinese market. In addition, the exchange will launch an additional payment service, which will allow residents of 170 countries buy cryptocurrency on Binance.com for fiat.

Crypto-fiat OTC trading is critical for traders in China as local authorities discourage the direct use of bank accounts in cryptocurrency trading.

Other exchanges with Chinese roots, including Huobi and OKCoin, employ market makers on their OTC platforms to help users exchange yuan for cryptocurrency.

Earlier, Binance.US announced that the company's own exchange token BNB will be available to American traders..

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