Wednesday, October 28, 2020

Binance exchange launches P2P trading

The Takeaway:

Binance, has launched a new peer-to-peer(P2P) function on the platform, which will help the users to exchange BTC, ETH, and USDT. However, this system is exclusive for China's fiat currency, so all the exchanges made will be against the Chinese Yuan.

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One of the leading cryptocurrency exchange, Binance, has launched a new peer-to-peer(P2P) function on the platform, which will help the users to exchange BTC, ETH, and USDT. However, this system is exclusive for China’s fiat currency, so all the exchanges made will be against the Chinese Yuan.

The announcement of the launch was made, and it was informed that the trading platform would be initially available only for Android users who have a Binance account that has been active for more than 30 days. Therefore, the exchange has asked its users to update the Binance mobile application to use the new function. They informed us that the latest version would also be made available for iOS and web interfaces.

What is P2P trading?

P2P trading is a form of trading in which the trade is made between two parties directly with each other. To carry out this form of trading, the buyers and sellers have to sign up to a website and advertise to buy or sell their preferred cryptocurrencies at a specific price.

Binance is on a roll lately since it has been developing a lot of things within a short time. In the second and third quarters of the year, the platform has launched various platforms for staking, lending, and futures contracts. Binance also expanded to the U.S. by launching Binance U.S.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Cheng Wei Chan
Cheng Wei Chan
Cheng is an AI & APP Engineer based in Taipei City, Taiwan. After completing his graduation in Computer Science from National Taiwan University, he dedicated his life into researching and writing about technologies such as blockchain, cryptocurrency, artificial intelligence and application development.

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