Binance Decided to Close Yuan Transactions

Binance has decided to close yuan transactions. Binance will stop yuan-based transactions on December 31.

Binance Holdings Ltd., the world's largest cryptocurrency market, has decided to shut down peer-to-peer yuan transactions after the Chinese government completely banned cryptocurrency trading. Thus, a door that Chinese users used to circumvent the ban will be closed. Binance Holdings announced on Wednesday that over-the-counter yuan-based transactions will cease on December 31. The company will also run checks and users in China will only be allowed to withdraw funds from the platform. Binance has joined cryptocurrency businesses that are planning to exit China entirely after regulators announced in September that all forms of cryptocurrency services and transactions were banned. Rival exchange Huobi also reported that transactions for users residing in the country will be terminated by the end of the year.