Binance to Delist Chinese Yuan Trading From C2C Platform

The crypto exchange will also run “inventory” to make sure none of its users are from mainland China.

AccessTimeIconOct 13, 2021 at 6:54 a.m. UTC
Updated May 11, 2023 at 5:19 p.m. UTC

Crypto exchange Binance will delist the Chinese yuan from its consumer-to-consumer (C2C) trading platform, according to a Wednesday press release.

  • The exchange will also run “inventory” on its users to ensure none are located in mainland China. Chinese users will have their accounts switched to “withdrawal only” so they can close their positions. These users will be notified by email seven days before their accounts are closed.
  • A Sept. 24 announcement from China’s top financial and tech regulators declared all crypto-related transactions illegal, and kick-started a renewed crackdown on crypto in the country.
  • As a result, dozens of exchanges, wallets and other crypto firms have shut down or will be retiring China-based user accounts. Notably, Huobi announced it will be gradually expelling all Chinese users.
  • The day after the Sept. 24 policy update, Binance stopped accepting Chinese phone numbers for registration, Bloomberg reported. On Sept. 26, it told Chinese media that it does not have any crypto exchange business in China.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Eliza Gkritsi

Eliza Gkritsi was CoinDesk's AI/crypto reporter.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.