Binance to Close Access to OTC Trading for Users in Mainland China

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From December 31, 2021, crypto exchange Binance will remove the Chinese yuan from the list of over-the-counter (OTC) markets and close access to OTC trading for users in mainland China.

“If the platform finds users from mainland China, Binance will restrict such accounts. Users will only be able to withdraw assets, cancel orders and buy or close positions,” the press release says.

Binance has previously stopped registering new users from China. It was joined by Bitcoin exchanges Huobi, KuCoin, BitMart and Biki. The decisions were made against the backdrop of new Chinese repressions against the crypto sector.

According to Bloomberg, Huobi decided to leave China before Beijing once again tightened its digital asset regulation. The company also ruled out the possibility of further work in the country.

According to media reports, the PRC is studying the possibility of prosecuting crypto trading and mining.