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Binance to halt Chinese yuan trading amid Beijing’s crypto crackdown

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SHANGHAI, Oct 13 (Reuters) – Binance will cease using the Chinese yuan on its peer-to-peer trading platform, the newest transfer by main world cryptocurrency exchanges to lower their ties with mainland Chinese buyers following an intense crackdown on the sector.

Binance, one of many world’s largest change by trading volumes, mentioned in a Wednesday assertion it is going to take away the Chinese yuan part of its consumer-to-consumer platform on Dec. 31 this 12 months, and mainland Chinese customers may have their accounts switched to “withdraw only mode”

China’s strongest regulators final month intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, inflicting crypto exchanges and repair suppliers scrambling to sever enterprise ties with mainland Chinese purchasers. learn extra

Binance’s origins lie in China, although it emphasised in Wednesday’s assertion that it withdrew from mainland China in 2017, the time of a earlier regulatory crackdown.

Also on Wednesday, OKEX, one other main cryptocurrency change with its origins in China mentioned in a press release it had shifted its core enterprise to worldwide markets since 2017 and stopped selling and offering companies to the mainland China market.

In its newest transfer, China added cryptocurrency mining to a draft record of industries through which funding is restricted or prohibited. learn extra

Reporting by Jason Xue and Andrew Galbraith, Editing by Louise Heavens

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