Binance crypto exchange officially announced on Oct. 13 that the company will delist the Chinese yuan (CNY) from its peer-to-peer trading platform on Dec. 31.
Alongside terminating yuan trading pairs, Binance will continue further restricting access to its platform by users from mainland China, introducing new measures for accounts found to be linked to the region. Binance will specifically limit such accounts to “withdrawal only” mode, limiting transactions to withdrawals, redeeming and closing positions.
Binance emphasized that the company “withdrew from the Chinese mainland market in 2017” and has not been engaged in exchange business in the region since. The exchange says that China-based users have not been able to access Binance since the exit.
Despite exiting the Chinese market back in 2017, Binance cryptocurrency exchange has not