Binance exchange plans to launch OTC trading service for the yuan in October.
China – target market
Yi He, co-founder and CMO of Binance spoke to the press during a press conference on September 17. The director also later confirmed this information on September 19.
According to CMO, Binance’s new OTC trading platform will be launched next month and will only target the Chinese market when the platform only supports trading with the renminbi, the official Binance spokesman said.
Currently, Binance has set up OTC services for users with large transaction volumes. In April 2019, OTC trading volume soared, generating nearly $ 80 million in profits.
OTC is the main way to buy BTC in yuan
China is one of the most conservative countries for Bitcoin and its electronic currencies. Typically, the Beijing government has issued a ban on crypto trading since September 2017. Since then, OTC transactions have become the main mode of Bitcoin trading if you want to trade in China.
Explanation of OTC transactions:
Binance is preparing the platform
During this time, Binance began its first steps in China since the crypto trade curfew in 2017. On September 17, the exchange also participated in a $ 200 million investment round. dollar for Mars Finance, a cryptocurrency and crypto publisher in Beijing.