As more improvements are being done to help users to adapt to crypto trading, the Binance exchange has come up a step ahead in this state. Binance has planned to include over-the-counter trading (OTC) to its platform to help users with fiat currency gateways.
Yi He (Co-Founder and CMO – Binance), announced at a media session in the Shanghai Blockchain week that Binance will start supporting fiat-to-crypto OTC trading for Chinese Yuan.
In order to compete in the Chinese market, this service will bring more features and give more time and resources and will be added within a month in the Binance platform. Apart from adding OTC, Binance will also add a payment service so that users can buy crypto assets using fiat currencies on the official website of Binance.
OTC trading is also essential from the point of view because the local authorities of China have banned ICO in September 20I7 and prevented direction connection of exchanges.
Since then other Chinese exchanges have moved to other countries and offered to trade by assigning the job to OTC market makers onto their platforms so that users can trade using Chinese Yuan.
Binance started to offer sandboxes in order to test platforms based on crypto-futures named as Futures A and Futures B. Users were also provided with the feedback form to vote for their best platform.
Last week, it also introduced Binance USD coin, which they got approval from the New York Department of Financial Services (NYDFS).
Yesterday only, Binance made an investment in Mars Finance which is a Chinese crypto data and media company.