Will Binance Halt the Chinese Yuan Trading Amidst Crypto Crackdown?

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  • China’s most powerful regulators last month intensified a crackdown on cryptocurrencies
  • Binance will stop the use of the Chinese yuan

Binance to halt Chinese yuan trading amid Beijing’s crypto crackdown, reports The Reuters.

Binance stops the use of Chinese Yuan

Binance, one of the world’s largest exchanges by trading volumes, said in a Wednesday statement it will remove the Chinese yuan section of its consumer-to-consumer platform on Dec. 31 this year, and mainland Chinese users will have their accounts switched to “withdraw only mode”.

The crypto crackdown

China’s most powerful regulators last month intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, causing crypto exchanges and service providers scrambling to sever business ties with mainland Chinese clients.

In its latest move, China added cryptocurrency mining to a draft list of industries in which investment is restricted or prohibited.

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Source: The Reuters

 

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