The biggest cryptocurrency exchange by trading volume, Binance, announced the launch of its new peer-to-peer cryptocurrency trading platform, enabling the exchance of several popular cryptocurrencies againt the Chinese Yuan (CNY), Cointelegraph reports on October 9th.
The platform will at first support Bitcoin (BTC), Ether (ETH) and Tether (USDT) and allow access to customers that have been registered Binance users for at least 30 days prior. The news was announced by the CEO of Binance, Changpeng Zhao, tweeting “P2P Trading, starting with China. Most of CT probably can't use it yet, but 1.4 billion people can. We will expand the service to other regions soon.” with an update after several hours of trading saying "In the 5 hours since the announcement, we saw significant P2P trading volumes, and #BNB price going up 7%."
While the regulatory framework surrounding cryptocurrencies in China is complicated to say the least, it would appear that there is great demand for peer-to-peer trading of cryptocurrencies agains the Chinese Yuan. Even though various bans, announcements of bans and fake news make it difficult to ascertain just how much of the market is impacted by the Chinese traders, numbers speak for themselves, and it would appear that Binance once again found the winning formula given the sharp increase in the price of the exchange's utiity coin, $BNB.