Binance announced on Wednesday morning that over-the-counter transactions in Chinese yuan (CNY) on its platform will be completely suspended as of December 31.
In addition to stopping CNY transactions, Binance has also started transactions that its users who are determined to reside in China can make on the exchange. will restrict.
“If some users are found to be in mainland China, their account functions will be just shooting possible will be limited. Users will only be able to withdraw their assets, cancel trading orders, cash or close their positions.”
The People’s Bank of China, in its statement published on September 24, announced that it was necessary to offer trading services between fiat/cryptocurrency or crypto/cryptocurrency pairs. illegal He stated that he was the one who intensified the pressure he exerted on the crypto money industry.
At the time of this statement, exchanges such as Binance, Huobi, and OKEx are still Switching to cryptocurrencies over yuan it was possible.
Huobi Global announced on September 26 that the accounts of all its customers residing in mainland China will be closed at the end of the year. would be closed explained.
Binance, in a statement to Chinese media on the same day as Huobi Global, is in China. does not operate as a stock exchange stated.
Although Binance announced that it will impose restrictions on the accounts of its users in China, whether to turn off automatically He did not share any details. Binance’s token, BNB, fell from $467.9 to $432.3 in the timeframe of the announcement.
After the announcement by the People’s Bank of China, some cryptocurrency wallets and mineral pools He also decided to withdraw from the country.