From 31 December 2021, the cryptocurrency exchange Binance will remove the Chinese yuan from the OTC market list and will close access to OTC trading for users in mainland China.
“If the platform detects users from mainland China, Binance will restrict such accounts. Users will only be able to withdraw assets, cancel orders and buy back or close positions,” the press release says.
In the wake of the announcement, Binance Coin (BNB) traded down about 7%.
Earlier Binance stopped registering new users from China. Joining were the bitcoin exchanges Huobi, KuCoin, BitMart and Biki. The decisions were taken against the backdrop of new crackdowns by China against the crypto industry.
According to Bloomberg, Huobi decided to leave China before Beijing tightened regulation of digital assets again. The company also ruled out any further operation in the country.
Media reports say that in China authorities are examining the possibilities of prosecuting crypto trading and mining.
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