The exchange states that users should update their Binance Android app to the latest version in order to gain access to the new service and that it will slowly roll out support for iOS and web interface going forward.

Major cryptocurrency exchange Binance has launched peer-to-peer trading for Bitcoin, Ether (ETH) and Tether (USDT) against the Chinese Yuan (CNY).

In an announcement published on Oct. 9, the exchange revealed that the service will be initially available to Android users who already have Binance accounts registered for at least 30 days.

P2P functionality to expand in the future

Binance CEO Changpeng Zhao has indicated in a tweet that Binance’s foray into P2P trading won’t stop with the Chinese market:

“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.”

Skirting the Great Wall

As Cointelegraph previously reported, Binance also plans to launch an over-the-counter (OTC) trading platform in October – likewise initially CNY-exclusive.

The exchange already runs an OTC trading desk for large-scale investors which raked in solid profits earlier this year.

Both OTC trades and P2P functionality have a particular significance in China, which takes a notoriously tough stance towards the trading and issuance of decentralized cryptocurrencies.

The country is meanwhile pursuing the development of a central government-backed digital currency, which is reportedly due for imminent launch by the People’s Bank of China.

In January 2018, Beijing banned fringe platforms, including P2P and OTC resources, tightening a blanket embargo on crypto-to-fiat trading and ICOs that was in place since September 2017.

In September, Binance made its first strategic Chinese investment since leaving the country in the wake of the Sept. 2017 crackdown. It reportedly participated in a $200 million funding round of Beijing-based Mars Finance, a China-based crypto and blockchain publication.

Aztec Launches Privacy Network on Ethereum

Aztec has launched its privacy network on ethereum, providing users with what it said is a cost-efficient solution for keeping transactions private.

Aztec CEO Thomas Walton-Pocock said in a blog post Friday those using the system will be able to transact with private ethereum-based assets. Using the same zero-knowledge proofs (ZKP) as zcash, the protocol has also launched a privacy software development kit (SDK) that allows users to mint their own private assets.

Initially available with dai, Aztec plans to add support for other ethereum-based assets over the next six weeks, according to Walton-Pocock. The team wants to allow users to make their own completely private custom assets by the end of March.

The Aztec protocol uses the zk-SNARKs privacy algorithm to encrypt blockchain data. Its London-based team claim it works more efficiently and at a lower cost than many existing alternative solutions. It is also intended to be used by banks: JPMorgan’s blockchain team trialed Aztec during a series of ZKP tests in February 2018.

The ethereum startup incubator ConsenSys led a $2.1 million funding round for Aztec in November 2019.

Ethereum transactions are easy to trace. Although users don’t usually input personal information, analytics firms like Chainalysis have been able to develop sophisticated tracking solutions for enforcement agencies that utilizes data freely available on the public blockchain.

Walton-Pocock said Aztec is still on course to offer its “triptych of privacy.” In its next phase, the team plans to introduce user privacy to prevent third parties from determining user identities; it will then develop a technique to keep smart contracts private.

Aztec isn’t the first protocol offering private transactions in the ethereum ecosystem. Big Four accountancy firm Ernst & Young (EY) unveiled a prototype for its own ZKP-powered privacy solution for businesses in October 2018.

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