Binance, the world’s largest cryptocurrency exchange, announced on Wednesday that it will cease customer-to-customer (C2C) trading in Chinese yuan (CNY) before the end of this year.
Binance’s latest move is seen in response to China’s recent crypto ban. Although Binance pulled out of mainland China in 2017, it still allows users to exchange Bitcoin, Ethereum and Tether for RMB peer-to-peer.
According to the official statement, Binance will conduct a platform user review and only allow users in mainland China to withdraw, withdraw, redeem and close positions and switch to “cash only withdrawals” 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 cease its services in mainland China as the PBoC and other state-owned ones Regulators are trying to step up their crackdown on all activities that border on digital currencies in the country.
The ban recently issued by the Central Bank of China also explicitly stated that all foreign exchanges should not provide services to domestic investors and should severely punish illegal financing activities related to cryptocurrencies.
The market believes that the decree issued this time has basically dashed hope that exchanges and other platforms can stay in China.
Other companies involved in cryptocurrency mining have also withdrawn from the Chinese market. Blockchain. News reported on October 10th a Multinational semiconductor company Bitmain Technology Holding will cease shipping BitBitmain-Stminer to mainland China to meet a number of local bans on severe crackdowns on cryptocurrencies.
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