According to Yi He, Binance Co-Founder and Chief Marketing Officer (CMO), the new Binance platform is ready to be launched next month. It only targets the Chinese market.
Currently, Binance has provided an OTC trading channel that can enable its clients to open large-sized transactions. As of April 2019, transactions via OTC trading in Binance even jumped sharply to bring in profits of nearly 80 million US Dollars.
Unfortunately, the OTC Binance trading service has not entered the Chinese market. It happened because of the strict governmental rules for crypto trading.
In September 2017, the Chinese authorities officially banned trading activities on the crypto exchange and closed access to the relationship between the crypto exchange and commercial banks to provide deposit facilities in the form of fiat currencies.
Since then, a true Chinese company, immediately left and moved its servers and operational centers in Japan.
Even so, Chinese people’s interest in crypto seems to continue to squirm. Although prohibited from conducting transactions via the crypto exchange, they still trade crypto via the OTC channel.
Reporting from Cointelegraph, Chinese investors will buy Stablecoin like Tether via OTC, before exchanging it with other cryptocurrencies.
What is OTC?
OTC itself is a trading method that can connect the buyers and sellers directly. It usually holds without the supervisory function of the authorities.
Binance back to China
Seeing the growing interest of the Bamboo Curtain country investors towards the OTC crypto trade, Binance wanted to re-penetrate the Chinese market. They create a trading platform that specifically facilitated the exchange of Yuan with cryptocurrencies on OTC.
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