Binance to Create Fiat-to-Crypto OTC Platform Aimed at Chinese Market
Binance, one of the largest crypto exchanges in the world, is currently considering to open up an over the counter (OTC) trading desk on its platform. The move, which was reported by Coindesk, was created to cater to the Chinese market, experts stated. It will provide a gateway for deposits of fiat and the Chinese yuan (CNY) will be accepted.
By doing this, the exchange probably has the goal of entering the lucrative Chinese market, which cannot be entered by conventional means because of local laws banning cryptos. He Yi, the CMO of Binance, has recently affirmed that several Chinese traders are now using crypto OTC desks because exchanges were banned from the country.
Binance is also set to add support for people who want to use fiat to buy cryptos in 170 different countries. This is obviously a move that the company is making to consolidate its position as one of the main companies in the crypto world right now.
Right now, Binance is set to expand its market even more. It is already the largest exchange in the world, but its reach has been limited to crypto-to-crypto trades for a long time, so this is set to change in the coming months.
The Crypto Ban In China
The so-called crypto ban happened in China back in 2017. Overnight, the government decided to ban all crypto's and ICO's from the country. It was in September, back when the crypto mania was getting strong.
Binance was, originally, a Chinese company, but it decided to leave the country around this time, also leaving this lucrative market behind.