The crypto exchange Binance officially announced on Wednesday that the company will be removing the Chinese yuan (CNY) from its peer-to-peer trading platform on December 31st.
In addition to ending yuan trading pairs, Binance will further restrict access to its platform for mainland China users and introduce new measures for accounts linked to the region. Binance will expressly restrict such accounts to the “Withdraw only” mode and restrict transactions to withdrawals, redeeming and closing positions.
Binance emphasized that the company “withdrew from the Chinese mainland market in 2017” and has not been trading in the region since then. The exchange said China-based users have not been able to access Binance since exiting.
Despite exiting the Chinese market in 2017, the Binance cryptocurrency exchange has not yet suspended trading in the Chinese national currency from its platform.
“Binance does not have any active stock exchanges in China. We can also confirm that cell phone registration is blocked and the Binance app is not available for download by China-based consumers, ”a Binance spokesperson told Cointelegraph.
“We have also taken the additional step of removing CNY trading pairs from the list and restricting services on Binance P2P to all users based in China,” added the representative.
The news comes weeks after the Chinese government announced another major crypto ban in late September, with multiple state agencies joining forces to combat the adoption of crypto in the country. A number of large crypto firms have been forced to relocate or redirect some of their services.
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Huobi, one of the largest crypto exchanges in the world, is a company whose revenues are likely to be affected by the new Chinese ban.
“For historical reasons, we have a certain proportion of our user base in mainland China. The suspension of user accounts in mainland China will have some impact on the company’s revenue in the short term, ”a Huobi spokesman told Cointelegraph on September 28th.
“Huobi’s diversified businesses outside of China have reached nearly 70% in terms of trade volume,” added the representative.