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Binance To Stop Chinese Yuan Trading And Close Access To OTC Trading For Users In Mainland China

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Mark Brennan
Author: Mark Brennan
1 min.read
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From December 31, 2021, cryptocurrency exchange Binance will remove the Chinese Yuan from the list of over-the-counter (OTC) markets and close access to OTC trading for users in mainland China.



Binance.com writes:

“In response to the regulatory requirements of the local government, Binance C2C will delist the CNY trading zone at 24:00 (East Eighth District Time) on December 31, 2021. At the same time, Binance will conduct an inventory of platform users. If the platform finds users in mainland China, their corresponding accounts will be switched to the ” withdrawal only ” mode, and users will only be able to withdraw, redeem, and close positions. Binance will notify the corresponding users by email 7 days before the account switch.”

 

Binance previously stopped the registration of new users from China. Such a step was joined by bitcoin exchanges Huobi, KuCoin, BitMart, and Biki. The decisions were made against the backdrop of new Chinese crackdowns on the crypto industry.

Huobi decided to leave China before Beijing once again tightened its digital asset regulation. The company also ruled out the possibility of further work in the country.





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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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