Binance to End Crypto Trading in China’s Yuan

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The exchange previously blocked new sign-ups from mainland China.

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Last month, China’s central bank declared all cryptocurrency-related transactions illegal and alienated foreign exchanges, saying it is illegal for such offshore platforms to provide services via the Internet to residents in China. .

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China banned cryptocurrency exchanges from operating within its borders in 2017 and has recently been more proactive in cracking down on crypto-related activities to force financial firms to take out transactions and take crypto mining operations out of the country. ordered to play the role.

But individuals in the country continue to find ways to trade bitcoin and other digital currencies with over-the-counter or peer-to-peer transactions. Many Chinese users can access offshore exchanges using virtual private networks. Beijing’s latest ban on crypto transactions and services offered by foreign exchanges targeted these loopholes.

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Binance has said that people in China have not been able to access its website since 2017. Following the announcement of the new rules, it said it had begun blocking account registrations using Chinese cellphone numbers.

A spokesperson for the exchange said on Wednesday that Binance is working with policymakers globally to enable the cryptocurrency industry to grow.

Huobi, a rival crypto exchange founded in China, said last month that it would close all user accounts in mainland China by the end of the year.

According to CoinDesk, the price of bitcoin in Hong Kong was around $55,191 as of Wednesday afternoon, down 4.2% over the past 24 hours.

Elaine Yu [email protected] . Feather

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