Monday, July 22, 2024

Binance will terminate Chinese Yuan Transactions

Binance, the largest cryptocurrency exchange in the world, will terminate Chinese Yuan transactions.

This Wednesday, Binance announced that C2C Chinese Yuan trading will be terminated. The Customer to Customer CNY trading will be terminated before the end of the year.

The termination can be seen as a reaction to the latest crypto ban in China. Even though Binance pulled out of mainland China in 2017, it still permits Chinese users to exchange Bitcoin & Ethereum freely, and Tether for RMB peer to peer.

Binance will monitor users of the platform and only allow mainland Chinese users to withdraw, redeem, close positions, and enter “cash withdrawal” mode.

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