Binance to halt Chinese yuan trading amid Beijing’s crypto crackdown

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SHANGHAI, Oct 13 (Businesshala) – Binance will cease the use of the Chinese yuan on its peer-to-peer trading platform, the latest move by major global cryptocurrency exchanges to cut their ties with mainland Chinese investors in a shambles on the sector. after rapid action.

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Binance, one of the world’s largest exchanges by trading volume, said in a statement on Wednesday that it will be removing the Chinese yuan section of its consumer-to-consumer platform on December 31 this year, and that Chinese users in mainland accounts will change. Take back mode only”

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China’s most powerful regulators intensified crackdown on cryptocurrencies with a complete ban on all crypto transactions and mining last month, leaving crypto exchanges and service providers scrambling to break business ties with mainland Chinese customers.

Binance has its origins in China, although it emphasized in Wednesday’s statement that it withdrew from mainland China in 2017, the time of the last regulatory crackdown.

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Also on Wednesday, OKEX, another major cryptocurrency exchange with its origins in China, said in a statement that it has shifted its core business to international markets since 2017 to promote and provide services to the mainland China market. has stopped doing.

In its latest move, China added cryptocurrency mining to the draft list of industries in which investment is restricted or restricted.

Reporting by Jason Xue and Andrew Galbraith, Editing by Lewis Heavens

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