In Brief:
- Binance to delist C2C CNY trading and user inventory in mainland China.
- The corresponding users’ accounts will be switched to “withdrawal only” mode.
- The company will notify its platform users by email 7 days before the account switch.
Binance C2C plans to delist the CNY trading in mainland China on December 31, 2021. This decision has been taken in response to the local regulatory requirements of the government.
In addition to that, Binance will organize an inventory of its users. This will ensure that the Chinese users’ corresponding accounts are switched to the “withdrawal only” mode. Consequently, Binance will also notify platform users by email 7 days prior to the account switch. Meanwhile, users will only be able to withdraw, redeem and close positions.
The tussle between the local government and Binance had previously led it to withdraw from the Chinese mainland market in 2017 and stepped back from engaging in the exchange business.
Binance has always been reputed to comply with obligations and requirements of local regulatory bodies. Issuing notice to delist its CNY Trading Zone and user inventory would definitely have a considerable impact on China’s crypto market.
In August this year, Binance had also restricted support for fiat currency pairs namely Euro (EUR), the Australian dollar (AUD), and the British pound sterling (GBP). Also, the company debarred them from its margin trading platform.
