CRYPTO

Binance to suspend Chinese yuan from P2P platform in December

Binance Crypto Exchange officially announced on October 13 that the company will exclude the Chinese Yuan (CNY) from its peer-to-peer trading platform on December 31.

In addition to closing yuan trading pairs, users from mainland China further restricted access to their platforms, introducing new arrangements for linked accounts in the region. Bananas specifically restricts such accounts to “withdraw only” mode, restricts transactions to withdrawals, redeems, and closes positions.

Benson stressed that the company “moved away from the mainland market in China in 2017” and has not engaged in exchange business in the region since then. The exchange says China-based users have not been able to use Binance since leaving.

Even after the exit from the Chinese market in 2017, the Banyan Cryptocurrency Exchange has not yet suspended trades involving the Chinese national currency from its platform.

“There is no active exchange activity in China. We can also confirm that mobile phone registrations are blocked and that the Beyonc অ্যাপ app is not available for download by Chinese-based consumers, ”a Beyonc মুখ spokesman told CoinTelegraph.

The representative added, “We have taken additional steps to list CNY trading pairs and restrict services to BinaryP2P for China-based users.”

Just weeks after the Chinese government announced another major crypto ban in late September, multiple state authorities have mobilized forces to fight crypto adoption in the country. Several major crypto companies have been forced to direct or redirect some of their services.

Related: Bitcoin shuts down shipments of Antminar crypto mining rig in China

Hubei, one of the largest crypto exchange in the world, is a company whose revenue could be affected by the new Chinese sanctions.

“For historical reasons, we have a certain proportion of users in mainland China. The retirement of mainland Chinese user accounts will have a definite short-term impact on the company’s revenue, “a Hubby spokesman told Cointelegraph on September 28.

The representative added, “Hubi’s diversified businesses outside of China have reached about 70% in terms of trading volume.”