Binance to Close all Trading with Chinese Yuan by December

Suspension of the Chinese Yuan

Binance took a decisive step to terminate any yuan trading pairs on its platform commencing from December 31. Last Wednesday, Oct, 13, the crypto exchange platform announced that it will terminate yuan trading from its peer-to-peer platform alongside other restrictions. 

Binance also confirmed its decision to restrict access to its platform for China-based users. Accounts linked to the crypto exchange will be in a ‘withdrawal only’ mode that only allows users to perform withdrawals, redemptions, and closing of positions. ‍

“Binance withdrew from the Chinese mainland market in 2017 and does not engage in exchange business in mainland China,” the announcement in Chinese reads.‍

Binance does not operate any exchange operation in China and has taken steps to prevent the registration of new accounts from China through geofencing. Houbi, another major crypto, has also announced that it will gradually retire existing Mainland China users on December 31.  

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China Intensifying its Crypto Crackdown 

Binance has exited from China since 2017 but still allows for trading on its platform using the Chinese yuan. The latest decision to delist yuan trading pairs and restrict access is expected Beijing stepped up its enforcement. This includes blocking major crypto-related websites such CoinMarketCap, Coingecko, and TradingView.

‍BeePool and SparkPool, two of the largest China-based Ethereum (ETH) mining pools have taken steps to cease their operation amidst the Chinese government clampdown on crypto-related activities. 

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Crypto Industry Will Survive

Various jurisdictions can catch the activities by institutions such as Binance and Houbi. In most cases, there is no alternative but to comply or risk facing enforcement actions. Cryptocurrencies are created as a tool to grant financial democracy. It has come this far to dominate a total market capitalization of $2.48 trillion, and the trend of adoption seems to be increasing steadily. 

Numerous attempts were made to outlaw cryptocurrencies in some states and were unsuccessful. Generally, regulators are now favoring regulating the crypto industry rather than outlawing it. Some jurisdictions are already adopting crypto-friendly policies and regulations and may be the preferred approach as crypto becomes mainstream.