Binance will discontinue the Chinese yuan as a viable payment option for its P2P trading platform, as China is increasing its scrutiny of crypto platforms globally.
The move is occasioned by a blanket ban on all cryptocurrency operations in the mainland with Beijing authorities issuing a warning to any wrongdoer, private or otherwise.
On Wednesday, Binance confirmed that it will take through December 31, 2021, to eliminate support for Chinese customers who operate from the mainland.
Their accounts will be set to “withdraw only” meaning that remaining funds may be cashed out but no other functionality will be allowed.
Binance was originally created in China but the company decided to withdraw from the country in 2017, responding to several moves against the crypto industry at the time.
Wednesday was also marked by another announcement concerning the crypto market in the country with OKEX, yet another exchange, revealing that it had too been operating outside of China since 2017, fearing crack down on its business.
China has made two devastating moves towards the crypto economy this year. One had to do with banning crypto mining and the other, with suspending all crypto operations.
As a result, the government is the only operator that can access digital currencies. Citizens are advised to begin adopting the digital yuan, the country’s central bank digital currency.
The US has criticized the e-yuan as yet another tool that diminishes the privacy of Chinese citizens. Meanwhile, cryptocurrencies can be used outside the mainland.
People looking for crypto entertainment options can find them at websites such as Bitcasino, 1xBit and FortuneJack.