Binance to End Chinese Yuan Transactions After China’s Strong Crypto Ban

Binance, the world’s largest cryptocurrency exchange, announced on Wednesday that it will end customer-to-customer (C2C) Chinese yuan (CNY) trading before the end of this year.

Binance’s latest action is considered a backlash in response to China’s latest crypto ban. Although Binance pulled out of the mainland China market in 2017, it still allows users to freely trade Bitcoin, Ethereum, and Tether for RMB peer to peer.

According to the official statement, Binance will conduct a verification of platform users and will only allow mainland Chinese users to withdraw, withdraw, redeem and close positions and switch to “cash withdrawal only” mode.

After the People’s Bank of China (PBoC) recently announced and declared that all cryptocurrency transactions in the country are illegal, another digital currency trading platform, Huobi Global, has announced that it will gradually withdraw its services in mainland China as that the PBoC and other state regulators seek to intensify their crackdown on all activities bordering digital currencies in the country.

The ban issued by the Central Bank of China recently also specifically noted that all overseas exchanges must not provide services to domestic investors and severely punish cryptocurrency-related illegal financing activities.

The market believes that the decree issued this time basically removes hope that exchanges and other platforms will be able to stay in China.

Other companies involved in cryptocurrency mining have also pulled out of the Chinese market. Blockchain.News Reported On October 10, a multinational semiconductor company Bitmain Technology Holding will stop shipping BitBitmain’stminer to mainland China to comply with a series of local bans on strict crackdowns on cryptocurrencies.

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