Binance plan to launch fiat-to-crypto OTC trading within the next month and the exchange is targeting the Chinese crypto marketplace.
The service will is set to provide a gateway to deposit fiat currencies, particularly the Chinese yuan. Further to this, the company are also going to roll out a payment service to allow users from 170 countries to buy crypto assets using fiat currencies at Binance.com.
This move comes after other Chinese exchanges like Huobi and OKCoin have since then moved overseas and offered crypto-to-crypto trading while recruiting OTC market makers onto their platforms to help users buy and sell cryptos using Chinese yuan.
There has been a spate of news from Binance recently. They recently purchased JEX exchange in a bid to enter the derivatives space. Also, Binance said they were going to offer sandboxes for the testing of two crypto-futures trading platforms, nicknamed Futures A and Futures B. Lastly, Binance also announce more stablecoin offering and said they received regulatory approval from the New York Department of Financial Services.