Binance bans Chinese customers from withdrawing cryptocurrency in yuan on OTC marketBinance, a casino exchange, announced announced the end of over-the-counter (OTC) trading with yuan. The delisting of the OTC section and all functions will take place on December 31, 2021, according to Binance's press office... In addition, the exchange promised to limit access to Chinese customers, stressing that it left the country in 2017 and since then does not serve exchange trading in the local market (according to Binance assurances), in fact, Binance continues to serve customers of the Asian market, including China:
"If users from China are detected, Binance will limit the capabilities of such accounts. Users will only be able to withdraw assets, cancel orders and close positions."
Other exchanges, such as Huobi, made a similar statement the other day. Huobi said that the accounts of Chinese users are subject to complete closure by the end of 2021, and will be removed from a common base Huobi.
In addition, it became known about the blocking of search queries related to Binance, Huobi and other cryptocurrency exchanges in the popular among Chinese application users WeChat. It is interesting that Chinese crypto traders are still confident in Binance despite the regulatory problems, this suggests that Binance is still providing services for Chinese users/residents and has no plans to leave the "shadow market in China" at the moment.
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