Breaking: Binance shuts C2C trading in Mainland China, offer services via partner firm

The world’s largest crypto exchange, Binance will suspend C2C trading for mainland China users. However, according to 8BTCnews, Binance has suggested its replacement with the exchange’s verified partner, a C2C trading platform called Pexpay. The unsurprising shut may be levied to China’s long-standing stance against the decentralized industry. 

#Binance will stop C2C trading for mainland China users, but recommends a new C2C trading platform Pexpay, saying its their verified partner. pic.twitter.com/zELQkGnaYs

— 8BTCnews (@btcinchina) December 31, 2021

While Binance has outperformed in regards to its development since it opted for a regulator-friendly approach, yet the crypto exchange remains unwelcome by the Chinese government.

Binance global expansion

Despite the suspension of services in China, Binance is knocking it out of the ballpark with its escalated global expansion, going hand-in-hand with regulatory approvals. Earlier this week, Binance acquired in-principle approval from the Central Bank of Bahrain (CBB) to establish itself as a crypto-asset service provider in the nation. Furthermore, with CBB’s approval, it becomes the first-ever regulator in the Middle East North Africa (MENA) region to grant in-principle registration to a Binance entity.

“The approval recognizes Binance’s commitment to comply fully with regulatory requirements and our broader commitment to anchor operations and activities in Bahrain.”, said Changpeng Zhao (CZ), founder and CEO of Binance. “Recognition and approval from national regulators, such as the Central Bank of Bahrain, is essential to build trust in crypto and blockchain and help further improve mass adoption…It sets a benchmark bridging traditional financial systems and the crypto industry to facilitate safe adoption and deployment.” CZ added

Following the Bahrain news, Binance also registered itself as a local organization in Canada, known as the Binance Canada Capital Market. Along with providing services related to digital assets, money transfers, and foreign exchange, Binance will also act as a Money Service Business (MSB) in the Canadian region.

Additionally, the exclusively centralized crypto exchange has also laid ground in countries like Dubai and France seeking to lay physical headquarters in the regions. With this, Binance is moving rapidly towards global dominance.