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Crypto Prices CoinDesk Market Index
Policy

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.

By Eliza Gkritsi
AccessTimeIconOct 13, 2021 at 6:54 a.m. UTC
Updated Oct 13, 2021 at 1:25 p.m. UTC
People's Bank of China headquarters in Beijing. (Max12Max/Wikimedia Commons)

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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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.

Read more: Ahead of Crackdown, Huobi Scrambled to Move Staff Out of China, Insiders Say

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Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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