Binance peer-to-peer platform turnover exceeded $ 4 billion in a year
Cryptocurrency exchange Binance launched a peer-to-peer platform a year ago and is recording “double-digit gains in trading, sometimes on a weekly basis.” Binance CEO Changpeng Zhao told Decrypt about it.
The turnover of the P2P platform Binance has exceeded $ 4.2 billion over the past 12 months, and on October 22, it reached an all-time high of $ 46 million. Peer-to-peer trading is popular in countries such as India and China, where the activities of cryptocurrency exchanges are prohibited or restricted..
“Other players are heavily oriented towards China, while our users are very evenly distributed around the world. There are many strategic differences, ”Zhao said. “We see that when banks or regulators don’t make it easy to buy cryptocurrencies, people go to P2P markets.”.
As one of the examples of such a market, he named India: “There is a lot of talk about the ban, a lot of uncertainty, a lot of difficulties with the use of banks to buy and transfer money to Bitcoin.”.
At the same time, Zhao noted that Binance, as a rule, is not a leading player in the peer-to-peer markets of individual countries, since there are dominated by “more localized solutions”.
“China is very interesting. In China, 100% of users are using P2P. This is the only way to exchange cryptocurrencies in China, he added. – China has a fairly large cryptocurrency market. Its size is difficult to estimate because most people use VPN or fail to authenticate. But judging by social media, this is a very active market. “.
He said OKEx and Huobi both control a larger market share in China. Commenting on the situation on OKEx, which remains unavailable for withdrawals after being frozen in October, Zhao said he did not expect a quick resolution. “Perhaps [the key holder] is currently in detention in China. If it turns out that a person in custody is holding a key to two billion dollars in bitcoin, this will only complicate the problem. It will take time to solve it, “he explained..
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