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.
Binance to halt the marketplace for the Chinese yuan OTC trading and close OTC trading access for Chinese usershttps://t.co/Yfm4Xvwimt— FINTWIT (@fintwitnow) October 13, 2021
"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.
BREAKING: #Huobi and #Binance, the 2 largest crypto exchanges in the world, have now fully suspended all new users from Mainland China after the Chinese government declared #Bitcoin trading illegal. pic.twitter.com/ILExeMmgBU— Mr. Whale (@CryptoWhale) September 26, 2021