Binance to Disallow Chinese Yuan Trading

by in Cryptocurrency News

Binance delists Chinese Yuan

Today, leading cryptocurrency exchange by trading volume Binance released a Notice, announcing the delisting of the Chinese Yuan from its consumer-to-consumer (C2C) trading zone. CNY will be removed at 24:00 (ET) on December 31, 2021.

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In addition, the firm will carry out a checklist of users.

In the case it finds users from China, it will allow them only to withdraw, redeem and close their positions after notifying them as only those functions will be available.

After China's regulators stated on September 24 that all crypto activities are considered illegal and are under strong control, many crypto exchanges, among them Huobi, stopped delivering services to Chinese residents. Many China-based crypto businesses shut down.

On September 25, Binance said it ceased registrations via Chinese telephone numbers. In today's post, the company noted that it left the Chinese market four years ago, and currently doesn't hold any crypto business in the country.

The company has mentioned that compliance duties are of great significance for the team.

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Currently, Bitcoin trades at around $54.300, having declined by around 5% in the last 24 hours. The total crypto market cap stands at around $2.26 trillion.