Crypto exchange Binance has added its native Binance Coin (BNB) on the recently launched peer-to-peer (P2P) trading platform.
Announced today, this listing will enable Chinese traders to trade the digital currency against Chinese yuan using Binance’s mobile application.
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#Binance has enabled BNB P2P Trading for users in China via the Binance app. pic.twitter.com/UQRUA2s4Z7
— Binance (@binance) October 29, 2019
The Malta-registered exchange launched its P2P platform earlier this month to tap into the lucrative yet limited Chinese market. Initially, the platform only enabled trading services for Bitcoin, Ether, and Tether against the Chinese yuan (CNY) and is now slowly increasing its offerings.
Though the P2P trading service was only launched for Android users, the exchange is working on adding support for the same to iOS devices and web clients.
Reopening of the Chinese market
China blocked the centralized crypto exchange from operating in the country in late 2017, which forced major local exchanges to exile from the country. Then the largest crypto market in terms of trading volume, Chinese traders soon approached the over-the-counter (OTC) desks and P2P platforms to trade crypto without any centralized supervision.
In its attempt to tap the Chinese crypto trading market, Binance is also planning to launch an OTC platform in the country.
Issued by Binance, BNB can be used in paying transaction fees in the exchange and its development and project marketing. With a market cap of nearly $3.2 billion, it is one of the top ten largest digital currencies available on the market today, according to Coinmarketcap.com.
Earlier this month, Swiss stock exchange SIX also listed an exchange-traded product (ETP) backed by BNB. The exchange is also pushing for these developments to make its native token accessible to a wide audience.
Meanwhile, in China, the crypto industry might revive again as the country’s President recently announced the government’s plan to embrace blockchain and digital currencies.