Some of the top crypto exchanges in China are winding up their operations amid a strong regulatory crackdown and Binance is the latest to join them. Earlier today, October 13, Binance has announced that the crypto exchange will completely delist the CNY trading zone on December 31, 2021. In a further update for Chinese users, Binance noted :
Binance will conduct an inventory of platform users. If the platform finds users in mainland China, their corresponding accounts will be switched to the ” withdrawal only ” mode, and users will only be able to withdraw, withdraw, redeem, and close positions . Binance will notify the corresponding users by email 7 days before the account switch.
The latest decision comes amid strong regulatory action initiated by Chinese authorities forcing crypto businesses to either shut down operations or flee out of the country.
Crypto firms are withdrawing Chinese operations in big numbers. Last week CoinGape reported that over 20 countries are moving out of China amid the crackdown.
The latest decision from Binance comes after Huobi announced its China exit plan earlier this month. Huobi said that it will be discontinuing its CNY deposits and spot trading in CNY by mid-December 2021. With this recent update, two of the top three exchanges in China have announced withdrawal. It won’t be a surprise to hear any such update from OKEx in the near term.
China’s Crackdown On Crypto Mining
Earlier this year, the Chinese authorities announced a heavy crackdown on crypto mining activities in the country as China grapples with a major energy crisis currently. As a result, a lot of Chinese miners had to flee to overseas locations.
Recently, Chinese authorities announced that they will be putting crypto mining on the “negative list” of industries prohibiting investors from making any investments in this sector. Following that, crypto mining equipment manufacturer Bitmain announced that it will stop shipping Antminers to China this month.
While this wasn’t enough, the Chinese authorities have also started tracing IPs to trace any crypto mining activities happening in the country.advertisement