InstaForex

October 14, 2021

Happy China Road! Binance Stop P2P Trading of Yuan Currency!

 A crypto exchange platform, Binance made a drastic decision by stopping peer-to-peer (P2P) trading of the yuan.


Clearly Binance, the termination of the yuan on its platform will begin December 31.


Not only that, Binance will also conduct inspections and any of its users in China will be allowed to remove assets from the platform.


The results taken by Binance show the platform has completely left the Chinese market following restrictions on cryptocurrency services and transactions starting September.



Apart from Binance, Huobi has also announced restrictions on new registrations.


For the record, Binance has left the Chinese market in 2017.


However, the firm launched a P2P platform to open up opportunities for its users to trade Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) with a backup to the yuan.


China’s latest sanctions have sharpened hopes for exchanges and any surviving crypto platforms in the country.


Most recently, the social media platform WeChat has blocked crypto-related searches, including any cryptocurrency exchanges like Binance, Huobi, and others.