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.
- Robinhood Outage Reported by Users, HOOD Stock Drops
- Tom Lee’s BitMine Adds $820M Worth of Ethereum as ETH Rebounds
- Crypto Crime Hits $2.47 Billion in H1 2025, With Wallet Hacks on the Rise
- ASTER Token Rockets Over 10% in an Hour as Binance Announces Spot Listing
- Whale Dumps Massive $55 Million in XRP to Ripple as Coin Falls Below $3?
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
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.
