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Binance to block OTC trading access for Chinese users

From December 31, 2021 cryptocurrency exchange Binance will halt the marketplace for the Chinese yuan over-the-counter (OTC) trading on its platform and close access to OTC trading for users from mainland China.

"If the platform finds out mainland China users, Binance will restrict such accounts to the withdrawal-only mode. Users will only be able to withdraw assets, cancel orders, redeem or close positions," Binance said in the statement.

Shortly after the announcement, Binance Coin Exchange (BNB) dropped by about 7%.

Earlier, Binance stopped registering new users from China. Binance was joined by bitcoin exchanges Huobi, KuCoin, BitMart and Biki. The decisions were taken against the backdrop of China's new crackdown on the crypto industry.

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