Categories: Exchange

Binance is Set to Unveil Fiat-to-Crypto OTC Next Month

Binance is Set to Unveil Fiat-to-Crypto OTC Next Month

Binance, the biggest digital currency exchange in the world in terms of trading volume, is all set to unveil its OTC (Over-the-Counter) trading platform next month for the Chinese yuan. The update was announced by Yi He, the co-founder as well as CMO (Chief Marketing Officer) of Binance, at one of the media interactions during the Shanghai Blockchain Week on September 17, 2019.

Binance confirmed the same yesterday, on September 19, 2019, when the co-founder and CEO of Binance, Changpeng Zhao

(CZ), posted a tweet announcing the exchange’s new endeavor.

As per the CMO, the new OTC on-ramp of Binance is scheduled for October launch, targeting only the market of China. That’s because the existing plan visualizes to extend support to the Chinese renminbi. He also added that this new service is a part of the exchange’s plans of dedicating more resources and time to enter into competition in China’s market scenario in the upcoming months. Moreover, Binance is also coming up with a payment service that enables users from as many as 170 nations to purchase crypto through fiat currency at its website.

It is critical to note that since September 2017, China has put a ban on digital currency trading. The move had even led companies such as OKCoin and Huobi, shift their basis overseas. In such circumstances, OTC trades went on to become the primary method of buying cryptos with fiat in the country. In fact, exchanges also began working with the OTC market makers, apart from offering crypto-to-crypto trades, to assist users in crypto purchases and sales utilizing the Chinese yuan.

As the representative notes, Binance has an already established OTC Desk, offering users large transaction services. In April this year, the exchange apparently recorded almost 80 million dollars in revenues, witnessing a significant rise in the OTC trades.

Meanwhile, Binance was recently in the news for investing in Mars Finance, a Chinese news platform that focuses on the blockchain and crypto sector.

Roxanne Williams: Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.