Binance Launches P2P Trading in China With Support for Alipay and Wechat – Bitcoin News

Cryptocurrency exchange Binance has launched peer-to-peer trading in China. The platform supports traders making transactions between themselves using the dominant Chinese payment apps Alipay and Wechat Pay. News of the matter forced Alipay to publicly claim it stops transactions if they are discovered to be related to cryptocurrency.

Also Read: Tether Created ‘Largest Bubble in Human History’ Claims Lawsuit Against Bitfinex

Binance Launches P2P Trading in China

The world’s largest crypto exchange by volume, Binance, has announced it’s launched peer-to-peer trading functionality with BTC, ETH and USDT for trading against CNY (Chinese Yuan). Access to P2P trading functionality will be initially provided only to Android users that have Binance accounts registered for over 30 days, but the company promised that it will slowly roll out this service to iOS and web interface users going forward.

Changpeng Zhao, the CEO of the exchange, revealed on Twitter that they are starting with China so 1.4 billion people can use the new P2P functionality and that they will expand the service to other regions soon. In response to a question from a user who noticed the option of selecting Alipay and Wechat Pay as payment methods for the service, Zhao confirmed that the popular Chinese apps are supported for users to pay one another without the direct involvement of the company.

Binance Banner  

Chinese Use Payment Apps to Bypass Bans

As anyone who’s visited China in recent years can attest, Alipay and Wechat Pay dominate the local payments market. These two apps can be used virtually everywhere in the country and you will see their QR codes displayed anywhere from street-side vegetable sellers to high-end luxury retailers. Chinese consumers are so used to paying with their mobile phones that many don’t bother holding credit cards or cash and as a whole China has leapfrogged the rest of the world in terms of moving to a cashless economy.

With Alipay and Wechat Pay being so prevalent in China, it is not surprising that they will also be popular with cryptocurrency investors in the country. However, there is also another important reason for that: people use them to bypass government bans on sending money to exchanges and ICOs. This is of course a very sensitive issue and the payment apps will never confirm they know this is going on. In fact, following the reports of Chinese people using P2P trades to bypass the bans, Alipay has come out to claim they are monitoring transactions to stop cryptocurrency related business.

If you want to try a P2P exchange that is not limited by region, check out, the privacy-focused global marketplace for trading bitcoin cash (BCH). The platform lets traders choose payment methods such as bank transfer, Paypal, Alipay, Venmo, cash in person, UPI (India), cash deposit and gift cards. And unlike many exchanges that are now forcing users to send a copy of their passport or government ID to prove their identity, enables you to trade anonymously without any KYC.

What do you think about the new offerings from Binance in China? Share your thoughts in the comments section below.

Coinbase Banner  

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Markets, another original and free service from

Tags in this story
Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

Go to Source
Author: Avi Mizrahi

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.