Binance is returning to China with a peer-to-peer (P2P) exchange platform after the crypto exchange giant left China amid regulatory suppression. Binance publicly announced the news on 9th October in a short blog post. For Chinese users to use Binance’s P2P platform, they have to update their Android app to the newest version and have registered at least 30 days before the release date.
China, however, is not the end goal for the exchange. Binance’s CEO, Changpeng Zhao, announced that China is the first country in which the P2P platform launches. The platform ultimate goal is targeting the entire Asian region.
“We are starting with China and plan to expand the regions of service very soon,” Zhao said on Twitter.
Binance’s comeback is not a coincidence – since the company left China, regulations became stricter and OTC platforms had quickly made up for the Binance retirement from the Chinese market. Now, with China’s national bank planning to release its yuan-backed digital currency and with active services like Alibaba’s AliPay and Tencent wallet apps, the return is imminent. OTC trading in China flourishes, despite the tough stance of the Chinese government against crypto trading. Alibaba and Tencent were even officially warned for their crypto wallet apps, used to access OTC exchanges.
Binance also stated that they plan to open an OTC platform in October, confirming the exchange’s plans to open OTC platforms across the globe – Binance. Jersey, Binance.US, and Binance.Singapore are some of the group`s exchanges that are ready to be launched.
Binance also plans to hit the Chinese market with a stable coin that will be a direct rival to Facebook`s Libra and Peoples Bank of China`s yuan backed stablecoin.