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.
Read More On Binance regulations:
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- Binance Stops All Crypto Derivatives Offerings in South Africa
- Binance Stops Fiat Deposit, Purchase Of Crypto Through Fiat Channels And Spot Trading Services For Singapore Users
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- US Commodity Futures Trading Commission (CFTC) Probes Binance Over Allegations of Possible Insider Trading And Market Manipulation
- The UK Financial Conduct Authority (FCA) Cleared Binance
- Binance Hires Richard Teng As Singapore CEO, Binance Impose Mandatory KYC For All New Users And Halts Future Trading For Brazil
- UK Court Orders Binance To Find And Freeze $2.6M Hacked Funds That Were Stolen From Fetch.Ai Binance Account
- Binance Is No More Offering Derivative And Future Trading Services For Its Hong Kong Users
- Binance Stops Crypto Futures Trading Services Across European Countries
- Binance CEO Aims To Make Binance Regulated Worldwide, Also Daily Withdrawal Limit For Binance Unverified Accounts Reduced And Binance Leverage Trading Limit Reduced
- Italy Becomes The 7th Country To Issue A Regulatory Alert Against Binance
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