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Binance to Remove OTC Marketplace for Chinese Yuan

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Wed, 13/10/2021 - 6:49
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Binance to Remove OTC Marketplace for Chinese Yuan
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Cryptocurrency exchange Binance has announced that it will discontinue support for the Chinese yuan on its over-the-counter trading platform on Dec. 31.

The company claims that the removal of the OTC marketplace is linked to “regulatory requirements.”

Users from mainland China will only be able to withdraw funds or close their positions.    

Binance’s announcement pushed the Bitcoin price to an intraday low of $54,684.

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The company highlighted its commitment to regulatory compliance in its statement:   

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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.

After China banned crypto exchanges in 2017, local cryptocurrency traders would mainly rely on OTC desks amid severe regulatory scrutiny.

However, residents from mainland China are now running out of options amid the government’s intensifying crackdown.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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