Leading cryptocurrency exchange, Binance, has launched a peer-to-peer (P2P) trading function on its spot trading platform. The newly developed P2P system which is yet exclusive to China’s fiat currency will enable Binance users to exchange BTC, ETH, and USDT against the Chinese Yuan.
In an official announcement, Binance noted that access to P2P trading will be initially provided to Android users (Version: 1.12.1) that have Binance accounts registered for over 30 days. The crypto exchange, therefore, has urged its customers to update their mobile devices with the latest Binance mobile application in order to enable the new function.
As Binance ended the official announcement with an appreciation for their support, it also promised its customers that the described P2P trading function will be available on iOS and web interfaces in the long run.
What is P2P Trading?
P2P(also known as peer-to-peer) trading is a trading style in which two parties interact or trade directly with each other. In this case, parties directly engage with one another to buy or sell cryptocurrency. This form of trading requires buyers and sellers to sign up on a website (also known as a P2P exchange, P2P marketplace or a P2P platform) and advertise to buy or sell their preferred cryptocurrencies at a specific price, or within a certain price range, in a predefined location.
Binance As A Pace-Setter Crypto Exchange
Binance recently began a development spree and has accomplished quite a lot within a very short time. Between the second and third quarters of this year, the crypto exchange launched platforms for staking, lending, and futures contracts. It also made significant expansions to many other regions by developing subsidiaries like Binance U.S.
Coingape recently reported that Binance released a mobile application, also an android version for its respective staking and lending platforms. At that time, the report also indicated that Binance added support for Koinal, an integration which allows Binance users to buy crypto directly with their credit cards.