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Binance to blacklist Chinese Yuan and users in Mainland China

The world’s largest cryptocurrency exchange based on daily trading volume, Binance has announced plans to delist the Chinese Yuan (CNY) from its customer-to-customer (C2C) market system. Users in Mainland China will also be restricted from accessing the full features of the platform.

In a statement published on Wednesday, Binance said the measures are in “response” to the regulatory demands by the local authorities.

“In response to the regulatory requirements of the local government, Binance C2C will delist the CNY trading […] on December 31, 2021,” the statement read. “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.”

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China’s National Digital Currency DCEP (Image Credit: iStock photos)

Furthermore, Binance reiterated that it has quit doing business in mainland China following its withdrawal four years ago. 

“Binance withdrew from the Chinese mainland market in 2017 and does not engage in exchange business in mainland China,” 

Before today’s statement by Binance, two other major crypto exchanges had pulled out of China.

Last month, Huobi announced that users from mainland China could no longer register on its platform, and all existing accounts owned by customers in the area would be terminated by Dec 31.

KuCoin, following in the same direction, refunded its Chinese customers and canceled all accounts from the area.

NEXT: Binance commits $1B fund to grow BSC ecosystem

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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