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Binance to Remove OTC Marketplace for Chinese Yuan

Wed, 10/13/2021 - 06:49
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Alex Dovbnya
Chinese cryptocurrency traders are running out of options, with Binance announcing that it will discontinue OTC trading for the Chinese yuan
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.

China's WeChat Now Blocks Search Results for Crypto Exchanges
The company highlighted its commitment to regulatory compliance in its statement:   

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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at