The Binance cryptocurrency exchange has decided to make a number of changes in working with Chinese users. The company will close access to its platform for them and delist pairs with the Chinese currency.
Due to the fundamental changes in the company Finance in relation to the clients of its exchange from China, it will now only be possible to withdraw deposits to close their own positions. A full monitoring of the customer base for the presence of Chinese users will be carried out. After that, each of the clients from this country will receive an email notification 7 days before the closure of his account that cooperation with him is terminated.
The decision of the representatives of the exchange is connected with the statement of the Chinese regulators about the illegality of any operations in the country that are related to digital assets. As part of the introduction of stricter rules of Chinese legislation, more than 20 cryptocurrency structures have been completely or partially closed to date.
In September 2021, Binance and Huobi suspended services to new China’s customers. The next in line was the BitZ cryptocurrency exchange from Hong Kong after the major giants, which now also does not serve the Chinese. It leads the withdrawal of user deposits from its platform.
The KuCoin cryptocurrency trading platform has also come under the repression of the Chinese authorities and is completely shutting down its work in China, including all users in this country. Chinese buyers will no longer be able to receive Antminer ASIC miners, as the manufacturer of mining equipment Bitmain has stopped their deliveries.