Binance is planning to roll out it’s over-the-counter (OTC) trading platform for Chinese yuan in October.
The chief marketing officer (CMO) and co-founder of Binance, Yi He revealed the crypto giant’s intentions earlier this week.
According to He, the crypto exchange’s new OTC onramp will be launched next month at the latest and will only be targeting the Chinese market. He also mentioned that the plan currently envisions only supporting the Chinese renminbi.
The OTC trading platform is not something new to Binance
Currently, Binance has already set up an OTC trading desk which already provides users with a very large transactions service. Earlier this year, Binance saw a monumental increase in OTC trading with reports claiming that the profits were up to $80 million.
To put things into perspective, this announcement came very shortly after Binance already revealed that they managed to rack up $78 million in profits in Q1 of 2019. These numbers basically dwarfed the crypto giant’s previous performance by a stunning 66%.
It’s also no secret that China is one of the world’s most skeptical global jurisdictions towards bitcoin and cryptocurrencies in general. Ever since the Chinese government banned crypto trading entirely back in 2017, OTC trading has more or less been the principal method of buying crypto with fiat currencies in the country.
Most often, Chinese investors are massively purchasing Tether (USDT) via OTC and later converting them to many different cryptocurrencies.
As Coinstaker recently revealed, the Chinese investors’ interest in Tether seems to be so large that it completely overshadows that of the West itself. It was revealed that Chinese trading and stablecoin volume account for more than 50% of the transactions completed by the known parties in the world.
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