- Binance to introduce fiat-to-crypto OTC trading to remain competitive in the Chinese market.
- The exchange is developing a payment system that will allow users to buy cryptocurrencies using fiat on Binance.com.
The largest cryptocurrency exchange in the world by adjusted trading volume Binance will soon introduce fiat-to-crypto over-the-counter (OTC) trading in less than a month. The new services will allow users to have access to fiat currency gateaways.
According to He Yi, the co-founder of Binance who doubles up as the chief marketing officer talked about the new product during the Shanghai Blockchain week. He specifically said that Binance will commence by supporting fiat on-ramp using the Chinese yuan.
The decision to explore this direction is to ensure that Binance is competitive in the Chinese market. In addition to that, there are plans to develop a payment system that will allow users in over 170 countries purchase digital assets using fiat currencies on Binance.com.
The news of Binance fiat-to-crypto OTC trading comes after BinanceUS went live yesterday. The US branch was launched to operate independently of Binance.com to ensure that regulatory guidelines in the US are adhered to.
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