China’s ban on cryptocurrency services is causing companies to fold their operations in the country.
Binance to discontinue Chinese yuan from P2P platform
Cryptocurrency exchange Binance is moving to end its services in China following the latest crackdown on cryptocurrency services. The exchange joins other crypto service providers in halting their services in the Asian country.
In a blog post earlier today, Binance said it would delist the Chinese yuan (CNY) from its peer-to-peer trading platform on December 31. Furthermore, the crypto exchange will continue further restricting access to its trading platform for users from mainland China. Binance is introducing new measures for accounts found to be linked to the region.
The crypto exchange said it would limit Chinese accounts to “withdrawal only” mode, limiting transactions to withdrawals, redeeming and closing positions. Binance further added that the company hadn’t operated in China since the 2017 ban on cryptocurrency exchanges.
Despite exiting the Chinese market, Binance still allows users to transact via P2P. The exchange said,
Binance does not have any active exchange operations in China. We can also confirm that mobile phone registrations are blocked, and the Binance app is not available for download by China-based consumers.
China banned all crypto services last month
Last month, the People’s Bank of China (PBoC) announced that all services that allow fiat currencies to be exchanged with crypto assets or between crypto-assets themselves will now be treated as illegal activities.
The government is now seeking to convict and sentence activities related to cryptocurrencies in the country.