Binance is Going to Add Over-the-Counter Trading

The chief marketing officer He Yi told about it at Shanghai Blockchain Week. He said the exchange will support fiat trading through the OTC for Chinese yuan. The company will take such a step to increase its presence in the Chinese market.

Binance OTC Trading and Fiat Support for Chinese Yuan

It should be mentioned that the over-the-counter trading introduction in the Fiat-to-crypto format has been important for Chinese investors, because local authorities have imposed restrictions on the industry since 2017. That's why the major Chinese exchanges (for example, Huobi and OKCoin) have left the jurisdiction of PRC. This initiative will cause a positive effect on the popularization of cryptocurrencies.

Moreover, Binance plans to use a payment service, which will help users from 170 countries buy cryptocurrencies for fiat.

We remind you that American division of Binance.US was officially opened yesterday, September 18.