Yuan trading on Binance will soon be a reality. Binance, the world’s favorite exchange, is planning to re-enter the Chinese cryptocurrency market with Yuan trading pairs. Being the largest crypto exchange in the world, it will be interesting to see how yuan-to-cryptocurrency trades will shape the overall market.
Interestingly, Binance has Chinese origins. Though it is currently based in Malta, it started operations in China and left the country due to excessive regulations and crackdown on cryptocurrencies. So, this news sounds more like a homecoming moment for Binance. And the plans are not merely to return but to dominate the now burgeoning crypto market in China by offering ‘over-the-counter’ (OTC) Yuan trading.
Yuan trading on Binance can change its fortunes globally
Binance will introduce the new trading pairs to its Chinese consumers through its latest P2P platform. Besides the famed Yuan trading on Binance, there will be various crypto-to-fiat pairs as well featuring popular coins, including Ethereum, Bitcoin, and more. All these will be offered in pairs with Yuan.
Changpeng Zhao, Binance’s founder and Chief Executive Officer (CEO), mentioned that China would mark the start of the exchange’s expansion program that will, later on, cover more south Asian markets. There are local Binance offices in Japan and Taiwan, but still, he believes that most Asian market is still untapped. An established platform such as Binance can surely provide a reliable alternative to traders in these countries.
Chinese crypto scene is slowly heating up
Binance’s entry into the Chinese market is another news in a series of events that mark the evolution of the Chinese digital currency scene. In the past, too, cryptocurrencies weren’t banned were bought under regulation. Many OTC platforms have seen tremendous success in the past few years including Huobi and OKCoin.
Now, local bigwigs, including Alibaba and Tencent, have also warmed up to crypto. The OTC trading feature comes in the wake of similar announcements by its Singapore and jersey arms. Besides the Chinese digital Yuan, Binance has also unveiled plans to launch its cryptocurrency rivaling Libra. All these events are making 2019 quite a happening year for cryptocurrencies.