Binance will be removing the Chinese yuan from its P2P platform starting December

The cryptocurrency exchange Binance officially announced on Wednesday that the company will be removing the Chinese yuan (CNY) from its P2P (peer-to-peer) trading platform on December 31st.

In addition to removing the yuan trading pairs, Binance will further restrict access to its platform for users in mainland China and introduce new measures for accounts linked to the region.Binance will specifically limit such accounts to the mode “Returns only”, Restricting transactions to withdrawals, exchanges and positions closing.

Binance stressed that the company “left mainland China in 2017” and has not operated as an exchange in the region since.Binance said users based in China have not had access to their platform since leaving the country.

Binance will be removing the Chinese yuan from its P2P platform starting December
Binance will be removing the Chinese yuan from its P2P platform starting December

Despite exiting the Chinese market in 2017, the Binance crypto exchange has not yet stopped operating 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 locked and the Binance app is not available for download for consumers in China. a Binance spokesman told Cointelegraph.

“We have also taken the extra step to remove CNY trading pairs and limit services on Binance P2P to anyone based in China.” added the representative.

The news comes weeks after the Chinese government announced another major crypto ban in late September, in which several state agencies joined forces to combat the introduction of crypto in the country.Several large cryptocurrency companies have been forced to relocate or redirect some of their services.

Huobi, one of the largest cryptocurrency exchanges in the world, is a company whose revenues are likely to be affected by the new Chinese ban.

â ???? For historical reasons, we have a certain percentage of our user base in mainland China. Removing user accounts from mainland China will have a short-term impact on the company’s revenue. ?, A Huobi spokesman told Cointelegraph on Sept. 28.

“Huobi’s diversified businesses outside of China have reached nearly 70% of the trade volume,” added the representative.

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