Binance’s P2P exchange platform in China was met with much controversy when announced. It now seems that one of its payment processors, Weibo, has shut down the service completely.
Last month, Binance announced an over-the-counter P2P platform for Chinese residents. It was a means by which its citizens could purchase cryptocurrencies through payment processors like Weibo and AliPay.
Read the full news right here
Uh oh! I don’t know what this means for the entire Binance community. I have a question to all of the Binance community here. What would be the effect of this since one of Binance’s payment processors has been shut down? I don’t know about Alipay though, but I would strongly believe that they will be here for a long while.
Now that Chinese residents only have one payment processor to rely on, do you honestly think that there will be a good replacement for Weibo? If yes, what would it be?
As for me, since China is closely transitioning into positivity to cryptocurrencies, I bet there would be more over the counter P2P services that will be operating there. I would like to know your feedback about this one guys. Thank you.