Binance to delist Chinese yuan from P2P platform in December 2021
One of the largest crypto exchanges, Binance, has announced that on October 13, it would delist the Chinese yuan (CNY), from its peer-to-peer platform starting December 31.
Other than terminating the yuan trading pairs, Binance would also continue to keep its platform access restricted for users in mainland China as well as it would follow the introductory measures for accounts that are found to be linked to the region.
Binance said that it would specifically limit accounts to “withdrawal only” mode, thereby limiting transactions to redeeming, withdrawals, and closing positions.
Binance has further emphasized that the company had completely withdrawn from the Chinese mainland market back “in 2017” and has, in fact, not been engaged in any sort of exchange business in the mainland region since. The exchange has also said that China-based users have been blocked access to Binance since the exit.
Despite the 2017 exit, Binance crypto exchange hadn’t sus[ended trades involving Chinese national currency. A spokesperson from the platform has confirmed that even mobile phone registrations are blocked in China, and the mobile app is not available for downloads among its Chinese customers.
The firm’s spokesperson also added that they had taken extra steps for delisting CNY trading pairs and restricting services on Binance P2P to Chinese users.
This update comes weeks after the Chinese authorities imposed a major cryptocurrency ban in the state, with multiple state bodies collaborating to combat crypto adoption in China.
A huge number of the biggest crypto firms have also been forced to redirect their services or relocate offshore as a result of the Chinese government imposed ban on crypto trading.
One of the world’s biggest crypto exchanges, Huobi, is likely to suffer due to major loss of revenues affected by the new Chinese crypto ban.
A Huobi representative shared that owing to “historical reasons”, the firm has a certain proportion of users in mainland China and retiring their accounts would we “certainly impact on the company’s revenue in the short term.”
The representative added that Huobi’s businesses have kept on diversifying outside China, reaching about 70 per cent in terms of trading volumes.