Binance said that it would halt the marketplace for the Chinese Yuan for “over-the-counter (OTC)” trading on its platform subsequent to China’s latest crypto trading crackdown.
By volume, the world’s largest crypto exchange is turning its back from its birth country by delisting the Yuan from its platform after December 31. Further, the exchange said it would restrain mainland China’s access but did not hint anything that it would retire all China-based accounts.
“If the platform finds out mainland China users, Binance will restrict such accounts to the withdrawal-only mode. Users will only be able to withdraw assets, cancel orders, redeem or close positions,” Binance said in the statement.
This came due to China’s regulations declaring all crypto-related transactions illegal and kickstarted a revamped crackdown on crypto in the country.
The exchange will restrict all existing Chinese accounts to “withdrawal-only mode”. In the said mode, the users would only be able to withdraw assets, cancel orders, redeem or close positions.
Binance on the Ban
As a result of this, several exchanges and other firms have completely shut down China-based user accounts. Distinctly, Huobi announced that it would be gradually expelling all Chinese accounts or any other account which is verified by a Chinese ID.
A Binance spokesperson also said that the exchange had been blocked in China since 2017, and local users have not accessed the website.
BNB, the exchange token of Binance, took a dip of about 5 percent after the announcement by the firm.
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