Binance, the largest cryptocurrency exchange by trading volume and the most controversial in recent months, is taking more measures to comply with China’s cryptocurrency crackdown with new restrictions in mainland China.
According to a publication, the platform officially announced that it will delist the Chinese yuan (CNY) from its peer-to-peer (P2P) trading platform on the last day of the year 2021.
This announcement from Binance comes weeks after the Chinese government announced another major crypto ban in late September, with multiple state authorities uniting forces to combat crypto adoption in the country.
What they are saying
The announcement read in part, “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, withdraw, redeem, and close positions. Binance will notify the corresponding users by email 7 days before the account switch.
“Binance withdrew from the Chinese mainland market in 2017 and does not engage in exchange business in mainland China. Binance has always attached great importance to compliance obligations and has always strictly complied with the relevant requirements of local regulatory agencies.”
This has caused a lot of major crypto firms, both offering services and mining, to relocate or redirect some of their services elsewhere.
Binance is not the only exchange that is affected by this ban as crypto exchange, Huobi, one of the world’s largest crypto exchanges, is also affected by the ban.
Binance’s native token BNB is up 14.37% for the day, as it trades $452.71 as of the time of this writing.