Binance exchange has announced that it will stop C2C trading for its users in mainland China, although the exchange has proposed it be replaced by a partner firm Pexpay for C2C transactions.
Binance, the world’s largest cryptocurrency exchange, has announced that C2C trading will be suspended for mainland Chinese consumers.
However, according to 8BTCnews, Binance has proposed that it be replaced by the exchange’s verified partner, Pexpay, a C2C trading platform. The unsurprising closure could be attributed to China’s long-standing anti-decentralized industrial position.
Despite the fact that Binance has exceeded in terms of development since opting for a regulator-friendly approach, the Chinese government continues to be hostile to the crypto exchange.
Binance is expanding globally
Despite the suspension of services in China, Binance is outshining the competition with its rapid worldwide expansion, which is accompanied by regulatory permits.
Binance received in-principle authorisation from the Central Bank of Bahrain (CBB) to operate as a crypto-asset service provider in Bahrain earlier this week.
In addition, with CBB’s approval, it becomes the first regulator in the Middle East and North Africa (MENA) region to award Binance entity in-principle registration.
“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 announcement from Bahrain, Binance established the Binance Canada Capital Market as a local entity in Canada.
Binance will function as a Money Service Business (MSB) in the Canadian region, in addition to providing services related to digital assets, money transfers, and foreign exchange.
Furthermore, the solely centralized crypto exchange has established itself in nations such as Dubai and France, with plans to establish physical headquarters in the territories. Binance is fast approaching worldwide supremacy as a result of this.