The Strategist

Binance cryptocurrency exchange abolishes RMB trading for C2C at China's request

10/14/2021 - 07:54

Binance, the world's largest cryptocurrency exchange by trading volume, announced on Wednesday that it will stop trading in RMB on its C2C (customer-to-customer) platform from 31 December, according to a statement from the exchange.

Marco Verch
Marco Verch
"In response to regulatory requirements of the local government, Binance C2C will remove the RMB (CNY) trading area on 31 December 2021," Binance said in a statement.

It is noted that the site will also conduct a user inventory and if users from mainland China are found, their accounts will be put into "withdrawal only" mode. The exchange will notify the users concerned by email seven days before making changes to their account settings.

However, Binance said that the exchange withdrew from the mainland China market back in 2017 and does not conduct any exchange operations there.

"Binance has always strictly complied with relevant local regulatory requirements," it also said in a statement.