Binance will suspend the use of RMB on P2P platforms in December

Binance cryptocurrency exchange officially Announce On October 13, the company will delist the Renminbi (CNY) from its P2P trading platform on December 31.

In addition to terminating RMB trading pairs, Binance will continue to further restrict mainland Chinese users from accessing its platform and adopt new measures for accounts found related to the region. Binance will specifically restrict such accounts as “withdrawal only” mode, and restrict transactions to withdrawals, redemptions and closing positions.

Binance emphasized that the company “exited the Chinese mainland market in 2017” and has not been engaged in exchange business in the region since then. The exchange said that since its withdrawal, Chinese users have not been able to access Binance.

Although it withdrew from the Chinese market as early as 2017, the Binance cryptocurrency exchange has not suspended transactions involving the Chinese national currency on its platform.

“Binance does not have any active exchange business in China. We can also confirm that mobile phone registration is blocked and Chinese consumers cannot download the Binance app,” a Binance spokesperson told Cointelegraph.

The representative added: “We have also taken additional measures to delist RMB trading pairs and restrict Binance’s P2P services to any Chinese users.”

The news was released a few weeks later by the Chinese government Announcing another major encryption ban In late September, multiple state authorities joined forces to crack down on the country’s cryptocurrency adoption.Many major cryptocurrency companies are forced to Relocate or redirect some of their services.

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Huobi is one of the world’s largest cryptocurrency exchanges, and its revenue may be affected by China’s new ban.

“Due to historical reasons, we do have a certain percentage of the user base in mainland China. A Huobi spokesperson told Cointelegraph on September 28 that the suspension of user accounts in mainland China will have a certain impact on the company’s revenue in the short term.

“In terms of transaction volume, Huobi’s diversified business outside China has reached nearly 70%,” the representative added.