Crypto exchange Binance will delist the Chinese yuan from its consumer-to-consumer (C2C) trading platform, according to a Wednesday press release.
The exchange will also run “inventory” on its users to ensure none are located in mainland China. Chinese users will have their accounts switched to “withdrawal only” so they can close their positions. These users will be notified by email seven days before their accounts are closed.
A Sept. 24 announcement from China’s top financial and tech regulators declared all crypto-related transactions illegal, and kick-started a renewed crackdown on crypto in the country.
As a result, dozens of exchanges, wallets and other crypto firms have shut down or will be retiring China-based user accounts. Notably, Huobi announced it will be gradually expelling all Chinese users.
The day after the Sept. 24 policy update, Binance stopped accepting Chinese phone numbers for registration, Bloomberg reported. On Sept. 26, it told Chinese media that it does not have any crypto exchange business in China.