Binance Announces Delisting of Chinese Yuan (CNY) Trading Amid Regulatory Crackdown
Some of the top crypto exchanges in China are winding up their operations amid a strong regulatory crackdown and Binance is the latest to join them. Earlier today, October 13, Binance has announced that the crypto exchange will completely delist the CNY trading zone on December 31, 2021. In a further update for Chinese users, Binance noted:
Binance will conduct an inventory of platform users. If the platform finds users in mainland China, their corresponding accounts will be switched to the ” withdrawal only ” mode, and users will only be able to withdraw, withdraw, redeem, and close positions . Binance will notify the corresponding users by email 7 days before the account switch.
The latest decision comes amid strong regulatory action initiated by Chinese authorities forcing crypto businesses to either shut down operations or flee out of the country.
Crypto firms are withdrawing Chinese operations in big numbers. Last week CoinGape reported that over 20 countries are moving out of China amid the crackdown.
The latest decision from Binance comes after Huobi announced its China exit plan earlier this month. Huobi said that it will be discontinuing its CNY deposits and spot trading in CNY by mid-December 2021. With this recent update, two of the top three exchanges in China have announced withdrawal. It won’t be a surprise to hear any such update from OKEx in the near term.
China’s Crackdown On Crypto Mining
Earlier this year, the Chinese authorities announced a heavy crackdown on crypto mining activities in the country as China grapples with a major energy crisis currently. As a result, a lot of Chinese miners had to flee to overseas locations.
Recently, Chinese authorities announced that they will be putting crypto mining on the “negative list” of industries prohibiting investors from making any investments in this sector. Following that, crypto mining equipment manufacturer Bitmain announced that it will stop shipping Antminers to China this month.
While this wasn’t enough, the Chinese authorities have also started tracing IPs to trace any crypto mining activities happening in the country.
- Crypto Market Rally: BTC, BNB, SOL, XRP, ETH Surge Amid Q4 Momentum
- Bitcoin ETFs Record $2.2B Weekly Inflows as BTC Price Surges Past $120K
- Nomura Eyes to Ripple Dominance in Crypto Trading in Japan as Demand Rises
- Sharps Technology Plans $100M Buyback to Boost Solana Treasury as SSK ETF Hits Record $382M AUM
- Will Bitcoin Reverse to $115K Max Pain Price amid Crypto Options Expiry Today?
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K, Is Citigroup’s Bold Q4 Prediction in Motion?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
