Binance To Terminate Chinese Yuan Transactions after China's Strong Encryption Ban

Binance, the world’s largest cryptocurrency exchange, announced Wednesday that it will terminate Customer to Customer (C2C) Chinese Yuan (CNY) trading before the end of this year.  

The latest action from Binance is considered a backlash in response to China’s latest crypto ban. Although Binance has withdrawn from the Chinese mainland market in 2017, it still allows users to exchange Bitcoin, Ethereum freely, and Tether for RMB peer to peer.

According to the official statement, Binance will conduct a check on platform users and only allow mainland Chinese users to withdraw, withdraw, redeem, and close positions and switch to the “only cash withdrawal” 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 it will gradually unwind its services in mainland China as the PBoC and other state regulators seek to intensify their clampdown on all activities bordering digital currencies in the country.

The ban issued by the Central Bank of China lately also specifically pointed out that all overseas exchanges must not provide services to domestic investors and severely punish illegal financing activities related to cryptocurrencies.

The market believes the decree issued this time basically eliminates the 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Other companies involved in cryptocurrency mining have also withdrawn from the Chinese market.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 10, a multinational semiconductor company Bitmain Technology Holding will stop shipping BitBitmain’stminer to mainland China in order to comply with a series of local bans on strict crackdowns on cryptocurrencies.

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