The Binance crypto exchange announced officially on Oct. 13th that it will remove the Chinese Yuan (CNY), from its peer-to–peer trading platform, Dec. 31.
Binance will not only end yuan trading pairs but also continue to restrict access to its platform for users from mainland China. It will introduce new measures to address accounts that are linked to the region. Binance will restrict such accounts to “withdrawal-only” mode. This means that transactions can only be made to withdraw, redeem, and close positions.
Binance stated that it “withdrew in 2017 from the Chinese mainland market” and has stopped doing exchange business in the area since. According to the exchange, Binance has not been accessible by Chinese-based users since the exit.
Binance cryptocurrency exchange did not suspend trades with the Chinese national currency despite having exited the Chinese market in 2017.
“Binance has no active exchange operations in China. A Binance spokesperson confirmed to Cointelegraph that the company has blocked mobile phone registrations and that the Binance app is unavailable for download by China-based customers.
The representative said that they had also delisted CNY trading pairs and restricted services on Binance P2P for any China-based users.
This news comes just weeks after the Chinese government issued a major crypto ban in September. Multiple state authorities have joined forces to fight crypto adoption in China. Numerous major crypto companies were forced to move or redirect their services.
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Huobi, the largest crypto exchange in the world, is one company whose revenues are likely to be affected.
“Due historical reasons, we do still have some of our users in mainland China. Huobi spoke to Cointelegraph on Sept. 28, stating that the company will see a short-term impact on its revenue by removing user accounts from mainland China.
The representative said that Huobi’s diverse businesses have surpassed 70% in terms trading volume.