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Binance will stop trading yuan after Beijing prohibits it.

Byadmin

Oct 13, 2021
Binance will stop trading yuan after Beijing prohibits it.

Peer-to-peer trading on a cryptocurrency exchange has been discontinued.

Binance Holdings ltd. is shutting down peer-to-peer yuan trading, effectively terminating one of the last major workarounds for Chinese consumers, following Beijing’s clear prohibition on cryptocurrency transactions.

Huobi’s withdrawal from China

Only mainland Chinese users would be able to withdraw money from the platform, according to the startup.

The cryptocurrency exchange joins a spate of businesses intending to leave China entirely after regulators announced in September that all forms of bitcoin services and transactions will be prohibited. Existing users in the country will be removed from Huobi by the end of the year, according to a competing exchange.

According to the startup, only mainland Chinese users would be allowed to withdraw money from the platform.

Following regulators’ announcement in September that all forms of bitcoin services and transactions will be forbidden, the cryptocurrency exchange follows a slew of companies planning to exit China entirely. According to a competing exchange, existing customers in the country would be removed from Huobi before the end of the year. China’s central bank issued restrictions on September 24 barring any cryptocurrency transactions in the country, including services supplied by offshore exchanges, as well as international platforms from employing Chinese individuals in marketing, technology, or payment.

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