{"id":352162,"date":"2021-10-13T12:56:43","date_gmt":"2021-10-13T09:56:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-to-suspend-chinese-yuan-from-p2p-platform-in-december\/"},"modified":"2021-10-13T12:56:43","modified_gmt":"2021-10-13T09:56:43","slug":"binance-to-suspend-chinese-yuan-from-p2p-platform-in-december","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-to-suspend-chinese-yuan-from-p2p-platform-in-december\/","title":{"rendered":"# Binance to suspend Chinese yuan from P2P platform in December"},"content":{"rendered":"

“# Binance to suspend Chinese yuan from P2P platform in December <\/strong>”
\n<\/p>\n

Binance crypto exchange officially announced<\/a> on Wednesday that the company will delist the Chinese yuan (CNY) from its peer-to-peer trading platform on Dec. 31.<\/p>\n

Alongside terminating yuan trading pairs, Binance will continue further restricting access to its platform for users from mainland China, introducing new measures for accounts found to be linked to the region. Binance will specifically limit such accounts to \u201cwithdrawal only\u201d mode, limiting transactions to withdrawals, redeeming and closing positions.<\/p>\n

Binance emphasized that the company \u201cwithdrew from the Chinese mainland market in 2017\u201d and has not been engaged in exchange business in the region since. The exchange said that China-based users have not been able to access Binance since the exit.<\/p>\n

Despite exiting the Chinese market back in 2017, Binance cryptocurrency exchange has not yet suspended trades involving the Chinese national currency from its platform.<\/p>\n

\u201cBinance does not have any active exchange operations in China. We can also confirm that mobile phone registrations are blocked and the Binance app is not available for download<\/a> by China-based consumers,\u201d a Binance spokesperson told Cointelegraph.<\/p>\n

\u201cWe have also taken the added step to delist CNY trading pairs and restrict services on Binance P2P to any China-based users,\u201d the representative added.<\/p>\n

The news<\/a> comes weeks after the Chinese government announced another major crypto ban in late September, with multiple state authorities uniting forces to combat crypto adoption in the country. A number of major crypto firms have been forced to relocate or redirect some of their services.<\/p>\n

Related: <\/em><\/strong>Bitmain stops shipment of Antminer crypto mining rigs into China<\/em><\/strong><\/p>\n

Huobi, one of the world\u2019s largest crypto exchanges, is one company whose revenue is likely to be affected by the new Chinese ban.<\/p>\n

\u201cDue to historical reasons, we do have a certain proportion of our user base in mainland China. Retiring mainland Chinese user accounts will have a certain impact on the company\u2019s revenue in the short term,\u201d a spokesperson for Huobi told Cointelegraph on Sept. 28.<\/p>\n

\u201cHuobi\u2019s diversified businesses outside of China have reached nearly 70% in terms of trading volumes,\u201d the representative added.<\/p>\n