The cryptocurrency giant Binance is still the main topic in the recent news on many best cryptocurrency news sites – again for the planned launch of the fiat-to-crypto over-the-counter (OTC) platform. As the latest updates and official news from the company show, the all new Binance OTC platform will come to the market in China this October.
It was Yi He, the co-founder of Binance and chief marketing officer (CMO) who announced the news at a media session on September 17 as Binance confirmed to many altcoin news sites yesterday, September 19.
According to He who is the CMO at the leading exchange, the Binance OTC platform is scheduled to launch next month and only targets the Chinese market. The current plan envisions supporting the Chinese renminbi only, according to a Binance spokesperson.
What’s important to note is the fact that to date, Binance has already set up an OTC trading desk which provides users with large transactions service, as noted by the representative. In April 2019, the exchange saw an immense surge in OTC trading and apparently recorded almost $80 million in profits.
The latest cryptocurrency news show that China is still one of the most skeptical global jurisdictions – and the Binance OTC platform aims to change that. The country’s stance towards Bitcoin (BTC) and other cryptocurrencies has been strict ever since China banned crypto trading in September 2017. Ever since then, OTC traders have become the main method to buy Bitcoin with fiat money in the country, while the local investors have been purchasing stablecoins such as Tether (USDT) via OTC platforms and converting them to other cryptocurrencies.
For those of you who don’t know, OTC refers to a type of trading which involves a direct deal between two interested parties and is usually conducted without much supervision over exchanges.
What’s also important to note besides the Binance OTC platform launch coming in October is the fact that this is Binance’s first move in China since the company departed from the country and relocated its headquarters to the island of Malta back in 2017.
On September 17, the exchange participated in a $200 million funding round for the Beijing-based Mars Finance, which is a local crypto and blockchain publication.
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