Binance Adds BNB Coin to the P2P Platform for Chinese Investors
Crypto giant exchange platform Binance has added BNB coin on their peer-to-peer platform for the Chinese investors. The platform now has four virtual currencies that investors and users can trade against the Chinese Yuan.
— Binance (@binance) October 29, 2019
This is following a recent announcement made by the exchange platform. The listing will now allow the Chinese investors to trade virtual currency using a mobile application for Binance. The exchange platform had initially inaugurated P2P trading functionality for the Binance exchange in China for Ethereum, Bitcoin, and USDT. They were up for trading on Oct. 9 against the Chinese Yuan. Binance CEO was also recorded, saying that they had plans to expand their activities to other jurisdictions after the P2P platform becomes effective in China.
The Malta-based company ventured into the ecosystem of China via the P2P platform and has been gaining momentum since its establishment. The Binance native coin BNB has been going up in prices for two weeks now. This is after the exchange company announced that they would be introducing the P2P services in the country.
The BNB P2P trading for the traders in China will categorically open up opportunities for the token. In fact, the token is currently down by almost 30% after it had hit its highest this year in May.
Chinese Market Reopens
China imposed a ban on the centralized crypto exchange activities back in 2017. That pushed many significant exchange companies out of China. It made the Chinese traders embrace the (OTC) over-the-counter desks and also the P2P platforms. These would enable them to trade without supervision that is centralized.
Binance also looks to tap into this promising market, and plans are underway to initiate an OTC trading platform in China. BNB can be applied in transaction charges payment in the exchange and for its marketing plans too. According to Coinmarketcap.com, BNB is among the top ten influential digital coins in the market as of now.