Crypto exchange Binance officially announced on Wednesday that the company will remove the Chinese yuan (CNY) from its peer-to-peer trading platform on December 31st.
In addition to closing down RMB trading pairs, Binance will continue to restrict platform access to users in China and introduce new measures for accounts that have been linked to the region. Binance will specifically restrict these accounts to withdrawal only and will restrict transactions to withdrawals, redemptions, and closings of positions.
Binance confirmed that the company “left the mainland China market in 2017” and has not been involved in any exchange transactions in the region since then. Oslo Bors said that users in China did not have access to Binance from the end.
Despite leaving the Chinese market back in 2017, the Binance crypto exchange did not suspend trading using the national currency of China.
“Binance has no active stock exchanges in China. We can also confirm that mobile phone registration is prohibited and the Binance app is not available for download by consumers in China. ”
“We have also taken the additional step of removing trading pairs for RMB and limiting P2P services on Binance for any user in China,” the spokesperson added.
The news comes a few weeks after the Chinese government announced a major new cryptocurrency ban in late September, when several government agencies joined forces to fight cryptocurrency adoption in the country. A number of large crypto companies have had to move or redirect some of their services.
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Huobi, one of the world’s largest cryptocurrency exchanges, is one of the companies whose revenues are likely to be hit by the new ban in China.
“For historical reasons, we have a certain percentage of our user base in mainland China. The deletion of user accounts in mainland China will have some impact on the company’s earnings in the short term, a Huobi spokesman told Cointelegraph on September 28.
“Huobi’s diversified business outside of China has reached almost 70% of turnover,” the spokesperson added.