Join NexChange - the professional
network for the financial services
industry - and receive a free one-
year subscription to Forbes
Binance to Launch Fiat-To-Crypto OTC Trading in a Month
The team behind the world’s largest cryptocurrency exchange seems to be on a tear.
After unveiling a Libra rival, launching an NYDFS-approved stablecoin, and expanding into the U.S. and the lending space, Malta-registered crypto giant Binance is now set to add over the counter (OTC) trading to its platform.
According to CoinDesk, the new service will provide users with fiat currency gateways and will be ready to launch in a month’s time.
The platform, said Binance co-founder and chief marketing officer He Yi, “will specifically support fiat on-ramp via OTC for Chinese yuan” and is part of Binance’s plan to compete in the Chinese cryptocurrency market. Ever since China banned ICOs in 2017, fiat-to-crypto OTC trading have been a critical on-ramp for Chinese crypto traders.
They won’t be the only ones getting into the action, though. The exchange will also roll out a payment service which allows users from 170 countries to buy crypto using fiat on Binance.com.