Another day, another Binance upgrade. One of the largest cryptocurrency exchange Binance will soon add fiat-to-crypto over-the-counter(OTC) trading in its platform. The new service will thus let users access fiat currency gateways.
Apart from letting users access fiat currency gateways, it will also support the Chinese Yuan. The exchange thus aims to bolster its hold in the Chinese crypto market as it is lucrative. This is because the traders have turned to OTC desks. Additionally, Binance will also extend support for purchasing digital assets using fiat currencies on main platform for 170 countries. This will make sure Binance stays a competition in the Chinese market.
In 2017, China banned all the crypto exchanges and initial coin offerings(ICOs). the local authorities prevent the direct connection of exchanges to banks and fiat deposits as part of the ban on initial coin offerings. Since then the Fiat-to-crypto OTC trading has become a critical part in terms of fiat on-ramp for crypto traders of China.
Binance has dominated the crypto-to-crypto spot trading market for a long time now. It is now planning to expand its business in every possible area in the crypto industry. Recently, the exchange announced the fifth phase of its lending platform. Also, its US branch has now started operating independently. Apart from this, Binance rolled out yet another platform, Binance X. The platform is designed for third-party developers and its ultimate goal is boosting the mass adoption of cryptocurrencies, as per the source.