Mega Project by Binance - Look at what they are about to create
A huge crycryptocurrency giant, Binance, plans to launch its OTC trading platform in October or even the so-called OTC.
Objectives of the Chinese market
Yi On, co-founder and marketing manager of Binance (CMO), announced a report at a media meeting on September 17.
According to the CMO, a new over-the-counter Binance bank is planned to be launched next month. So far, it will focus only on the Chinese market, as stated in the current plan to support the Chinese renminbi, a spokesman for Binance said.
To date, Binance has already set up an OTC trading desk that provides large transaction services to users, as the agent said. In April 2019, Binance experienced a huge increase in OTC trading and reportedly reported a profit of nearly $ 80 million.
OTC is the best way to buy BTC in China
China is one of the most skeptical global jurisdictions against Bitcoin (BTC) and other crycryptocurrency. Since the Chinese government has banned crycryptocurrency ptom trading in September 2017. Since then, OTC has largely become the main method of purchasing BTC with fiat money in China. Local investors buy stable coins such as Tether (USDT) through OTC and transfer them to other cryptocurrencies.
OTC is a type of trading that involves direct trading between two interested parties and is usually conducted without exchange supervision.
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