Binance becomes the latest exchange to close its doors in China; Chinese users to end 2021 on a sad note

You are here: Home / News / Binance becomes the latest exchange to close its doors in China; Chinese users to end 2021 on a sad note



China’s big crypto crackdown was sparing no one. Prominent crypto exchange, Binance was the latest to steer away from China.

Immense hostility was noted against the crypto-verse by the Chinese government. The world had slowly started to recognize and embrace crypto. But China was taking a whole new direction. After issuing a blanket ban on crypto in the region, several firms across China were seen left clueless. Not only did this ban force platforms to shut shop, but it also drove many out of the country.

Binance seemed to be abiding by the rules and regulations put forth by the government as it decided to suspend its OTC marketplace for the Chinese yuan [CNY]. In an elaborate statement, the exchange noted that it would delist CNY trading on 31 December 2021.

While crypto platforms were not allowed to deliver exchange services since 2017, several firms were seen providing OTC services. Binance was also one among them. The blog post further read,

“Binance withdrew from the Chinese mainland market in 2017 and does not engage in exchange business in mainland China. Binance has always attached great importance to compliance obligations and has always strictly complied with the relevant requirements of local regulatory agencies.”

China has been going all-in on driving out crypto out of the country. While Binance’s latest move wasn’t unexpected, WeChat’s decision to switch off crypto search results came as a shock to many.

Binance, Huobi, Ouyi will no longer be available on WeChat search results

Chinese crypto journalist, Colin Wu in a recent tweet, revealed that WeChat, an application that hoards about one billion users had restricted crypto exchange-related searches. Over the course of the last couple of months, an array of Chinese platforms were seen dropping support for crypto firms or crypto-related activity. WeChat became the latest platform to join the list.

In the tweet, Wu revealed that WeChat had banned searches related to Binance, Huobi, Ouyi, and other crypto-based platforms. The search results for the aforementioned platforms were no longer appearing for WeChat users.

China’s aversion against crypto isn’t new but considering the pace, the Chinese government was moving in, it was evident that the government was soon going to make the country a crypto-free zone in no time.

Read More

Written by 

Leave a Reply

Your email address will not be published. Required fields are marked *