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Binance Launches P2P Trading for Bitcoin, Ethereum and Tether Plus New On-Ramps in China

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Leading cryptocurrency exchange Binance is introducing peer-to-peer (P2P) trading functionality for Bitcoin (BTC), Ether (ETH) and Tether (USDT).

According to the company’s announcement, the Malta-based platform will be supporting P2P crypto trading with the Chinese yuan (CNY). Traders can use the service by downloading the updated Binance Android app.

“Access to P2P trading will be initially provided to Android users (Version: 1.12.1) that have Binance accounts registered for over 30 days. We will slowly roll out this service to iOS and web interface users going forward.”

Adds Binance CEO Changpeng Zhao,

“Last night, Binance Launches P2P Trading, starting with China. Most of CT probably can’t use it yet, but 1.4 billion people can. We will expand the service to other regions soon. Anything that makes it easier to get crypto.”

In addition to the new trading service, Binance is expanding fiat onramps for traders in China.

In response to a question about using Alipay and Wechat to facilitate Bitcoin and crypto purchases, Zhao says the highly popular mobile payment apps in China are now supported.

Centralized crypto asset exchanges are not allowed to operate in China. The nation’s central bank, the People’s Bank of China (PBoC), began cracking down on crypto-related businesses in late 2017 due to the large number of scams orchestrated under the guise of initial coin offerings. 

However, interest in crypto remains with enthusiasts seeking out various ways to gain access. Chinese residents can purchase Bitcoin and other cryptocurrencies through P2P platforms or

via over-the-counter (OTC) desks. Digital asset exchanges reportedly facilitate CNY to BTC/USDT conversions through P2P OTC desks.

Earlier this year, WeChat’s management made changes to its payment policy, warning that it will be suspending user accounts that are involved in cryptocurrency trading. Alipay is also reportedly blocking accounts that are conducting Bitcoin OTC trading.

In statements shared with TheBlock, a Binance representative notes,

“Technically, Binance as a P2P platform itself is not integrated with WeChat/Alipay payment, but the vendors or users on the platform accept WeChat/Alipay transaction for crypto trading. Binance only provides the onramp for OTC trading by building an intermediary platform on which both the merchants and the users trade freely.”

However, an Alipay spokesperson says that the payment processor is closely monitoring OTC trades.  They also note that the platform’s management is constantly working to identify “irregular behavior” in order to ensure compliance with regulations. 

The Alipay spokesperson states,

”If any transactions are identified as being related to bitcoin or other virtual currencies, we immediately stop the relevant payment services.”

Binance is in the process of expanding its fiat-to-crypto gateways. The exchange has been launching its services throughout the world, including the US, Singapore, Uganda and self-governing British dependency Jersey. 

The exchange is also preparing to introduce its fiat-to-crypto on-ramps in Argentina, Bermuda and Turkey.

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Binance

Weibo Kick Justin Sun Off Platform For Violating Community Provisions

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  • Justin Sun has just had is account on Weibo deleted this week.
  • The co-founder of Binance, Yi He also lost his account.
  • The Chinese social network believed it was right to delete both of the businessman’s accounts on the platform.

Just

in Sun, the founder and CEO of TRON has just had is account on Weibo deleted this week. Sun wasn’t the only one who has his profile deleted thought as the co-founder of Binance, Yi He also lost his account.

Why Did This Happen?

According to CCN, the Chinese social network believed it was right to delete both of the businessman’s accounts on the platform. This was because the two allegedly violated community provisions. 

If you’ve ever had you’re account deleted on Weibo then you’ll likely be familiar with the following message but if you were to go on Sun or Yi He’s account, you would be greeted with this:

“The account has been blocked due to violations of laws and regulations and the relevant provisions of the Weibo Community Convention.”

Following this, the TRON community was worried that the deletion of their CEO’s account was going to have an impact on the price or in one way or another on the TRON network. In an attempt to calm everyone down, Sun took to Twitter saying he would fix the issues quick and efficiently.

“TRON is super safu! Just follow me on @justinsuntron. We have a direct channel to Weibo and will get this resolved asap.”

Scams

As previously reported by CryptoDaily, according to the DigiByte (DGB) founder Jared Tate, TRON is actually just a government scam. On top of this, he adds that the token’s listing on the Binance.US platform threatens to undermine faith in American regulatory bodies. Tate reacted this way to recent news that Binance.US would be giving TRON a listing.

Tate was very clear saying, “If American regulators allow @BinanceAmerica to continue operating let alone list the biggest scam in crypto history fronted by the Chinese government to dupe unknowing American citizens there will be an unprecedented loss of faith in our lawmakers.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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CZ Binance Offers a Hand to Jack Dorsey, Says He Must Launch Decentralized Social Media ASAP

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After Twitter’s chief announced his Bluesky project, Justin Sun had his account on Chinese Twitter closed – now CZ says Binance will help build Bluesky-

As reported by U.Today, the head of Twitter is working on a new project for building a decentralized protocol that could be used by social media, which he intends to also use for Twitter – Bluesky.

They say that whatever happens, always happens on time – now the Chinese government shuts down Justin Sun’s account on the largest local social media Weibo (the Chinese Twitter) and the head of Binance encourages Dorsey to get on with Bluesky.

He says the community may need decentralized social media real soon. He also offers to help with that. The Weibo accounts of CZ and Binance are still active, unlike that of Justin Sun.

Jack Dorsey eager to decentralize Twitter

A day ago, U.Today wrote about a new ambitious project of the Jack Dorsey to make his company decentralized. In a series of tweets, among other reasons for that he cited a necessity to clamp down on fake news and misleading information that is often spread via his social media venue.

A top Twitter executive Parag Agrawal already is already hiring a team to work on the project.

CZ wants to see Bluesky up and running

The chief of Binance known as CZ is up for this project to be implemented, especially after the recent news of Justin Sun’s account of Weibo shut down. The latter is

the result of the recent public statement made by Xi Jinping about embracing blockchain but not crypto.

Now, CZ urges Jack Dorsey to get on with the development and offers him a hand.

Tron CEO invites his Chinese fans to follow him on Twitter

After getting his Weibo account shut down, Justin Sun posted a tweet, inviting Chinese-speaking Tron users to follow him on Twitter instead of Weibo.

Sun explains that English is the main language of this social network, however, they can use the local embedded translation service to understand what everyone writes about.

Bluesky under fire of criticism

Some, however, are unhappy with Jorsey’s initiative to decentralize Twitter for fear it will get even more centralized. One of them is the founder of Atlantic Financial and Chainstone Labs, Bruce Fenton.

Taking into account the goal of Dorsey to get rid of fake news and misleading info, Fenton’s concern about people getting banned on Twitter and this platform being quite biased already, may seem justified.

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Binance expands its fiat options, making way for crypto mass adoption

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  • Binance enters partnership deal with P2P platform for buying Bitcoin for fiat.
  • The development may support cryptocurrency mass adoption in the future.

The Malta-based cryptocurrency exchange Binance has entered a partnership deal with Paxful, the P2P platform for buying Bitcoins. In the future, the alliance will allow Binance users from 167 countries to purchase Bitcoins for fiat. 

Paxful works with several cryptocurrency trading platforms, but service Virtual Bitcoin Kiosk will be available only for Binance customers. Initially, they will be able to by Bitcoin on Paxful with ten fiat currencies: US Dollar, Russian Ruble, Vietnamese Dong, Columbian Peso, Indonesian Rupee, British Pound, Mexican Peso, Canadian Dollar, Euro, and Argentine Peso.

Currently, buying Bitcoin for fiat option is available for Binance customers in Argentina and Brazil due to the partnership deal between the cryptocurrency exchange and Latamex, a platform for fiat gateways in Latin America.

Latamex/Settle Network is the largest digital assets Settlement network across LATAM (Latin America) for exchange and cross-border payments. Binance has partnered with Latamex to provide easier access and more options to people throughout regions for the purchase of cryptocurrency with fiat in a fast and secure manner.

A push for mass adoption

In the long run, this development may bode well for the cryptocurrency industry as

it makes a case for broader mass adoption. Once people are offered simple procedures that do not require extensive knowledge about the way cryptocurrency works, they are more likely to buy their first Bitcoin and join the industry. In other words, closer integration with traditional finance makes digital assets more accessible for a broad public. 

Binance partnership with Paxful will bring Bitcoin to people in 167 countries, which may translate in the strong growth of demand and pave the way for Bitcoin’s price increase. 

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Source: fxstreet

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