RATE Group | Why Binance’s new peer-to-peer trading in China is good for everyone
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Why Binance’s new peer-to-peer trading in China is good for everyone

10 Oct Why Binance’s new peer-to-peer trading in China is good for everyone

Posted at 22:26h in Cryptocurrency News by

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Binance has given crypto traders in China a new reason to smile. But traders in other parts of the world might soon benefit in a big way too—even if indirectly.

Yesterday, the world’s largest cryptocurrency exchange by volume announced the launch of a new peer-to-peer trading platform for Chinese users.

It’s a pretty big deal, given that crypto trading through centralized (third-party) exchanges is currently forbidden in China. It appears, however, that holding and trading cryptocurrencies on a peer-to-peer basis is perfectly fine. 

And while it’s difficult to measure the volume of the over-the-counter (OTC) market, most analysts agree that it’s at least as vital to the crypto ecosystem as the trading that happens on exchanges—and perhaps even much bigger.

Opening up a safe space for Chinese traders to engage in the market could potentially be a big boost for Bitcoin and other cryptocurrencies. Binance’s move opens a new door for more than 1.4 billion people in…

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