Binance, the largest cryptocurrency exchange in the world in terms of trading volume, announces that it will be over the counter (OTC) trading for the Chinese yuan is going to stop. The bitcoin (BTC) exchange reports this in a blog article, published on October 13.
The reason for this is most likely due to the recent tightening of regulations in China. A month ago it was already expected that the ban in China will now also curb OTC trade in the country.
So it means that the Chinese yuan (or renminbi) will be removed from Binance’s OTC marketplace on December 31, 2021. be set to a “withdrawal only” status. Users are warned one week in advance.
Binance already left China in 2017, when the country initially started tightening regulations on crypto. The trading platform is following in the footsteps of Huobi, who already announced last month that it would remove the Chinese yuan and even close all Chinese accounts.
Binance’s announcement led to a decline in the cryptocurrency market, with a liquidation amount of about 30m in one hour. And people will long defi tokens such as DYDX, UNI, SUSHI at this time. pic.twitter.com/ckzn5nxyke
— Wu Blockchain (@WuBlockchain) October 13, 2021
Chinese journalist Colin Wu reports that the announcement caused a dip in the market. However, the Binance Coin (BNB) price is in the green today, but that is most likely due to this news. Furthermore, Wu reports that the OKEx exchange may now be trying to acquire the Chinese customers of Binance and Huobi:
After Binance issued the notice, OKEx gave a statement, without mentioning the withdrawal of Chinese users, indicating that there is no change as before. OKEx wants to take over users from Huobi
and binance. OKB’s price explained everything. pic.twitter.com/lDeMeUUBoH— Wu Blockchain (@WuBlockchain) October 13, 2021
Also, in related news, Wu reports that Chinese police have arrested nearly 100 people for laundering crypto through Binance, Huobi and OKEx:
China’s Zunyi police arrested nearly 100 people using cryptocurrency money laundering with huobi okex and binance, involving a total of 130 million US dollars. https://t.co/T7QhsqOXTR
— Wu Blockchain (@WuBlockchain) October 13, 2021
