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Binance To Terminate Chinese Yuan Transactions after China's Strong Encryption Ban
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blockchain.newsBinance, the world’s largest cryptocurrency exchange, announced Wednesday that it will terminate Customer to Customer (C2C) Chinese Yuan (CNY) trading before the end of this year.
The latest action from Binance is considered a backlash in response to China’s latest crypto ban. Although Binance has withdrawn from the Chinese mainland market in 2017, it still allows users to exchange Bitcoin, Ethereum freely, and Tether for RMB peer to peer.
According to the official statement, Binance will conduct a check on platform users and only allow mainland Chinese users to withdraw, withdraw, redeem, and close positions and switch to the “only cash withdrawal” mode.
After the People’s Bank of China (PBoC) recently announced and declared that all
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