Binance Stops Yuan Trading on C2C Platform

Binance, the largest crypto exchange in the world in terms of cryptocurrency trading volume, announced today that it will stop trading in yuan on the C2C platform from December 31st. Binance also said it will properly verify its users. Users accounts from mainland China will be placed in withdrawal only mode.

Binance made this decision following China's stepped-up ban on crypto-related transactions, which was announced on September 24 by 10 top financial, public security and legal authorities. This reflects the country's tough stance on cryptocurrency trading. The Central Bank has repeatedly criticized the "speculative nature" of cryptocurrencies, leading to criminal activities, including money laundering, illegal fundraising, fraud and pyramid schemes.

Binance said it left the mainland China market in 2017 and does not conduct any exchange transactions there. Huobi, another major crypto exchange, quickly reacted to the Chinese ban and stopped registering accounts for new customers from mainland China from September 24th. It also announced that it will close the accounts of existing users from mainland China by December 31st.

Image: Finversia