Binance to close yuan trade after China’s crypto ban

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Binance ends peer-to-peer yuan trading, ending one of the latest workarounds for Chinese users after Beijing’s blanket ban on cryptocurrency transactions.

The startup will also perform checks and not all users found in mainland China will be allowed to withdraw funds from the platform. Binance is joining a host of crypto firms in planning its full departure from China after regulators said in September 2021 that crypto services and transactions of all kinds were banned. Rival exchange Huobi has said it will remove existing users based in the country by the end of the year.

While Binance had already exited the mainland Chinese market in 2017, the company launched a peer-to-peer platform in 2019 that allows users to trade Bitcoin, Ether, and Tether for Chinese currency. That same year, she made her first strategic investment in China, joining a fundraiser valuing crypto-data site Mars Finance at around $ 200 million.

Beijing’s latest crypto ban has fundamentally eliminated any hope that exchanges and other platforms can stay in China. New rules issued by the central bank banned all crypto transactions in China, including services provided by offshore exchanges. They also prohibit foreign platforms from hiring locally for roles such as marketing, tech, and payment.

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