While the effect of China’s ban on Bitcoin and cryptocurrencies is over, we see that the price direction has been turned down with a new news.
The world’s largest cryptocurrency exchange, Binance, was already out of service in China due to previous bans. However, after the last bans, China decided to remove its parities.
The stock market, which does not want to be affected by China’s bans, announced that Yuan parities will be delisted as of December 31, 2021, with an announcement published today morning.
Another remarkable point in the announcement was for Chinese users. According to this, a scan will be made among the users, users who transact from China will be detected, their accounts will be closed to trade and will be put into “withdrawal only” mode.
Shortly before the announcement by Binance, we saw a decrease of nearly 4% with the influence of insider information.
The announcement is as follows:
“In response to local government regulatory requirements, Binance C2C will delist the CNY trading zone at 24:00 (Eighth Zone Eighth) on December 31, 2021.
At the same time, Binance will take an inventory of platform users. If the platform finds users in mainland China, their respective accounts will be put into ‘withdrawal only’ mode and users will only be able to withdraw funds and close positions.
Binance will notify the relevant users by email 7 days before the account change.
Binance withdrew from the Chinese mainland market in 2017 and does not trade currency in mainland China. Binance has always attached great importance to its compliance obligations and always strictly adheres to the relevant requirements of local regulatory authorities.”