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According to a Wednesday press release, crypto exchange Binance announced it will delist the Chinese Yuan from its consumer-to-consumer trading platform.
Binance will also double check its database to ensure that there are no active accounts located in mainland China. These users will have their accounts changed to “withdrawal only” in order to cash out their positions and close their accounts. They will be informed by email seven days prior to their account closure.
Since the double announcement on September 24 by China’s top regulators, declaring all crypto transactions illegal, dozens of exchanges, wallets and other crypto firms have cut any ties with the country. Binance immediately stopped new registrations coming from China amidst the renewed crackdown on crypto.
Another example of increased scrutiny on companies that disseminate information on crypto in China’s comes from China’s messaging platform WeChat that has started censoring searches for “Binance” and “Huobi.
WeChat is the largest messaging service in China and an important tool for the sharing of news and information in the country.
When searching in English and Chinese for the two platforms, a message saying “no more results” is returned. Other Chinese social media platforms Weibo and search engine Baidu had already started blocking Binance, Huobi and OKEx in June of this year.