Binance cryptocurrency exchange is the latest to join the list of leading crypto exchanges in China that are closing their doors due to the tough regulatory crackdown in the country.
Binance said earlier today, October 13, that on December 31, 2021, the crypto exchange will completely delist the CNY trading zone. Binance has released another update for Chinese users.
Binance will conduct an inventory of platform users. If the platform finds users in mainland China, their corresponding accounts will be switched to the ā withdrawal only ā mode, and users will only be able to withdraw, redeem, and close positions. Binance will notify the corresponding users by email 7 days before the account switch.
The latest decision comes in the wake of tough regulatory action taken by Chinese authorities, which has forced crypto firms to either shut down or leave the country.
Cryptocurrency companies are pulling out of China in large numbers and over 20 countries have fled China as a result of the crackdown.
Binance’s recent decision comes after Huobi’s China withdrawal plan was publicized earlier this month. Huobi has announced that it will phase out CNY deposits and spot trading by the middle of December 2021.
Two of China’s major three exchanges have declared their withdrawal as a result of this new update. It wouldn’t be surprising if OKEx provided such an upgrade in the near future.
Chinese officials announced earlier this year that they would be cracking down hard on crypto mining activities in the country, as the country is now dealing with a huge energy crisis. As a result, many Chinese miners were forced to flee to other countries.
Chinese authorities recently declared that crypto mining will be added to a “bad list” of sectors, barring investors from making any investments in the area.
Following that, Bitmain, a cryptocurrency mining equipment company, said that it would no longer be exporting Antminers to China later this month.
Presently, the Chinese government has begun tracing IP addresses in order to track down any crypto mining activity taking place in the nation.
