Binance will Close all Trading with the Chinese Yuan in December
Peer-to-peer trading platform Binance will wipe out the Chinese yuan (CNY) by the end of the year
Chinese Yuan Suspension
Binance is taking firm steps to stop any yuan trading pairs on its platform starting from December 31st. Last Wednesday, October 13, the crypto exchange platform announced that it would be discontinuing yuan trading from peer-to-peer platforms alongside other restrictions.
Binance also confirmed its decision to restrict access to its platform for users based in China. Accounts linked to crypto exchanges will be in a 'withdrawal only' mode which only allows users to make withdrawals, exchanges, and closing positions.
“Binance withdrew from the mainland China market in 2017 and is not involved in any exchange business in mainland China,” the announcement in Chinese reads.
Binance does not operate any exchange operations in China and has taken steps to prevent new account registrations from China via geofencing. Houbi, another major crypto, has also announced that it will be gradually retiring its existing Mainland Chinese users by December 31st.
China Intensifies Its Crypto Crackdown
Binance has been out of China since 2017 but it is still possible to trade on its platform using the Chinese yuan. The latest decision to remove the yuan trading pair and restrict access is expected by Beijing to step up enforcement. This includes blocking major crypto-related websites such as CoinMarketCap, Coinecko, and TradingView.
BeePool and SparkPool, the two largest Ethereum (ETH) mining pools based in China have taken steps to halt their operations amid the Chinese government's crackdown on crypto-related activities.
Crypto Industry Will Survive
Various jurisdictions can catch activity by institutions such as Binance and Houbi. In most cases, there is no alternative but to comply or risk facing enforcement action. The cryptocurrency was created as a tool to provide financial democracy. So far it has dominated a total market cap of $2.48 trillion, and the trend of adoption seems to be on the rise.
Many attempts were made to ban cryptocurrencies in several states and to no avail. In general, regulators now prefer to regulate the crypto industry rather than ban it. Some jurisdictions are already adopting crypto-friendly policies and regulations and this may be the preferred approach as crypto becomes mainstream.
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