Binance today announces its P2P trading platform supporting various cryptocurrencies. This P2P trading platform is now live in China and can be accessed only through the Android app (version 1.12.1). The iOS and desktop version will be rolled out soon.
Through the new P2P trading platform, one can start buying and selling Bitcoin, Ethereum, and Tether. It is also important to note that only users registered for at least 30 days can access the platform.
Rest of the users — including the international users — have to wait, as per Binance’s CEO Changpeng Zhao.
Last night, @Binance Launches P2P Trading, starting with China. Most of CT probably can't use it yet, but 1.4 billion people can. We will expand the service to other regions soon.
— CZ Binance (@cz_binance) October 9, 2019
If you didn’t know, peer-to-peer trading is becoming increasingly popular. Here the buyer and seller connect to each other, while Binance acts as an escrow account to avoid any fraudulent activities.
Currently, only BTC, ETH, and USDT can be traded against CNY (Chinese Yuan). For money transfer, you can use your bank, Alipay, or WeChat.
The launch of P2P trading platform unlocks oppurtunity for the company to bring cryptocurrencies to crypto-restricted countries. In fact, when someone asked if India will ever see P2P trading, Changpeng Zhao responded with “careful what you wish for” — a hint for what’s about to come.