Cryptocurrency exchange Binance continues to curtail its offering, with the latest changes affecting Chinese yuan trading.
In a notice on its website today, Binance says that, in response to regulatory requirements of the local government, Binance C2C will delist the CNY trading section at 24:00 on December 31, 2021.
At the same time, Binance will conduct a check of platform users. If it finds users in mainland China, their corresponding accounts will be switched to a “withdrawal only” mode, and users will only be able to withdraw, redeem, and close positions. Binance will notify the corresponding users by email 7 days before the account switch.
Binance withdrew from the Chinese mainland market in 2017 and does not engage in exchange business in mainland China.
Earlier in October, Binance said it will cease offering the following products to South African users:
- Leveraged Tokens
In September, Binance announced that its clients in Singapore will not be able to access certain functions on Binance.com including fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap.
The changes to Binance’s offerings in Singapore were announced about a week after the company said it will cease offering futures, options, and leveraged tokens to existing Australian users.
The restrictions are implemented as Binance experiences a wave of regulatory actions against it. In July, for instance, Malaysia’s Securities Commission announced enforcement actions against Binance for illegally operating a Digital Asset Exchange. Hong Kong’s Securities and Futures Commission (SFC) has also cautioned against the cryptocurrency firm.