{"id":12186,"date":"2021-10-13T11:23:32","date_gmt":"2021-10-13T10:23:32","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12186"},"modified":"2021-10-13T11:23:40","modified_gmt":"2021-10-13T10:23:40","slug":"binance-to-ban-the-use-of-chinese-yuan-on-its-p2p-platform-in-december","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-to-ban-the-use-of-chinese-yuan-on-its-p2p-platform-in-december\/","title":{"rendered":"Binance to ban the use of Chinese yuan on its P2P platform in December"},"content":{"rendered":"\n
The Binance cryptocurrency exchange stated on October 13 that the Chinese yuan<\/a> will be delisted from its P2P trading platform on December 31.<\/h5>\n\n\n\n
\"Binance<\/figure>\n\n\n\n

In addition to ending yuan trading pairs, Binance \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>will continue to limit mainland Chinese users' access to its platform, adopting further restrictions for accounts discovered to be related to the area. Binance will set such accounts to “withdrawal only” status, restricting transactions to withdrawals, redemptions, and position closure.<\/p>\n\n\n\n

Binance stated that it “withdrew from the Chinese mainland market in 2017” and has not done any exchange business in the region since then. China-based users have been unable to access Binance <\/a>since the leave, according to the exchange.<\/p>\n\n\n\n

Despite quitting the Chinese market<\/a> in 2017, the Binance cryptocurrency exchange has not yet stopped accepting trading in the Chinese national currency.<\/p>\n\n\n\n

“In China, Binance does not have any active exchange activities.” We can also confirm that mobile phone registrations have been disabled and that the Binance app<\/a> is not accessible for download in China,” a Binance spokesman informed Cointelegraph.<\/p>\n\n\n\n

“We've also taken the further step of delisting CNY trading pairs and restricting Binance P2P services to any China-based customers,” the spokesperson continued.<\/p>\n\n\n\n

The announcement comes just weeks after the Chinese government issued yet another significant crypto ban in late September, with several state authorities banding together to oppose crypto adoption in the nation. Several prominent cryptocurrency companies have been compelled to move or divert part of their services.<\/p>\n\n\n\n

The new Chinese prohibition is expected to have an impact on Huobi<\/a>, one of the world's major cryptocurrency exchanges.<\/p>\n\n\n\n

“We do have a percentage of our user base in mainland China due to historical reasons.” “Retiring mainland Chinese user accounts would have a short-term impact on Huobi's <\/a>income,” a Huobi spokesman informed Cointelegraph on September 28.<\/p>\n\n\n\n

“In terms of trade volumes, Huobi's diverse operations outside of China have reached over 70%,” the spokesperson noted.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Binance cryptocurrency exchange stated on October 13 that the Chinese yuan will be delisted from its P2P trading platform on December 31. In addition to ending yuan trading pairs, Binance will continue to limit mainland Chinese users’ access to its platform, adopting further restrictions for accounts discovered to be related to the area. Binance […]<\/p>\n","protected":false},"author":13,"featured_media":12188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5106,495],"class_list":["post-12186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-chinese-market","tag-houbi"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/image-55.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12186"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/12188"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}