Binance, the world’s largest cryptocurrency exchange by trading volume, has disclosed that it will cease trading the Chinese Yuan on its peer-to-peer platform.
Per the announcement published on Wednesday, Binance pointed out that it will stamp out the Chinese Yuan Renminbi (CNY) effective 31 December 2021 at 24:00.
Like at other times, Binance said the latest news is in compliance with Chinese government regulations.
Furthermore, to ensure that no Chinese investor or trader is still on the exchanges peer-to-peer trading platform, Binance plans to examine a detailed list of all Chinese customers on the platform to make sure no stone is left unturned.
Failure to comply with the new restriction and to close positions up until December 31, Binance will roll back corresponding accounts to the “withdraw only” mode, thus, Chinese customers will only be allowed to withdraw and redeem their funds.
Moreover, the cryptocurrency exchange has pledged to send out reminder notices via electronic mails, 7 days to the due date to allow affected customers ample time to tidy up loose ends.
Binance Complies with Local Regulations
It is no longer news that Binance has seen better days with local regulations around the world. Notably, the exchange has not been found wanting with yielding to regulatory policies in countries where it conducts its transactions.
It is to be recalled, though, that in 2017 Binance had to leave the Chinese mainland market. Since then, the exchange has not attempted to execute any exchange transactions for regulatory reasons.
This year alone, Coinfomania has reported a series of regulatory issues Binance has had to face in different countries including Thailand, the United Kingdom, Australia, the United States, and just last week South Africa was added to the list.
Last month, Singapore included the exchange to the “Investor Alert” list for breaching the countries Payment Service Act.
It is important to note, however, that the leading cryptocurrency exchange has been hard at work to resolve these regulatory obstacles to its operations. For instance, the U.K. recently cleared the air, stating that Binance has complied with all local regulatory policies in the country.