Binance crypto exchange’s co-founder announced this week that it will launch its OTC fiat-to-crypto trading platform next month. The new platform will allow customers to deposit multiple fiat currencies including the Chinese Yuan.
This Tuesday, speaking at a media session at the Shanghai Blockchain Week, co-founder of Binance He Yi has confirmed that the over-the-counter trading platform that is planned for launch next month will support fiat-on-ramp for the Chinese Yuan and other fiat currencies.
The Chinese market is one of the most lucrative markets in the blockchain space. Yet, after the cryptocurrency ban in 2017, few could take advantage of that. Such exchanges as OKCoin and Huobi have been forced to move their operations to other countries and stopped offering fiat-to-crypto services in the country.
By providing yuan gateways for OTC trading, Binance plans to set a strong presence in the Chinese market as a part of its expansion strategy. Recently, Binance, one of the largest cryptocurrency exchanges by trading volume, has been active in other markets too. Just yesterday, the American branch Binance.US opened registration and deposits for citizens of most of the U.S. states.
The global expansion strategy is not the prerogative of Binance solely. This week Huobi made its move too, opening an Argentinian branch and a peso gateway.