Binance Burns Bridges: China Punished for Banning Crypto

  • Binance is delisting the CNY trading zone. 
  • This decision will be in motion from December 31, 2021. 
  • After this, all users in mainland China will see their accounts switch to ‘withdrawal only’

Binance — the global crypto trading exchange platform, made a bold announcement via a blog post. To specify, the exchange is delisting the CNY trading zone. This means that Binance will stop all services provided to users in mainland China. 

In detail, the blog post talks about Binance’s decision on the matter of regulatory requirements demanded by the local government. In response, Binance C2C decided to simply delist the CNY trading zone. 

To be exact, the delisting will go into action from 24:00 (East Eighth District Time) on December 31, 2021, onwards. For many crypto users across the world, there seems to be a unanimous agreement on Binance’s decision. 

We see this in the form of interesting responses when the blog post went up as a tweet from a prominent Chinese journalist, Colin Wu on his Twitter account — Wu Blockchain

As we can see from the myriad of responses from the Twitter crypto community, most are unbothered. This is because Bitcoin has already been banned in China. While some suspected another dump caused by China and Binance, others laughed saying no such this will occur. 

One response, in particular, called China out for banning crypto use. It says that now, it is crypto’s turn to ban China instead. Indeed it seems like fair punishment in the eyes of many traders across the world. 

The blog post also went on to say that Binance will conduct an inventory of platform users. Whilst doing so, if the platform finds any users in mainland China, then these accounts will switch to ‘withdrawal only’ mode. 

This means that these users can only withdraw, withdraw redeem, and close positions. Lastly, the blog post says that Binance will notify all affected users by email 7 days before their accounts make the switch. 

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