Following a recent ban on cryptocurrencies in China, Binance, a major crypto exchange, has decided to suspend its services to users in mainland China by year-end.
Apart from this, the exchange stated that it would discontinue Chinese yuan trading on its P2P platform from December 31.
For users in mainland China, Binance has switched their accounts to ‘withdrawal only’ to liquidate their assets.
On September 24, Chinese financial regulators put a nationwide ban on crypto trading, mining, and related businesses. The move led several exchanges, wallets, and other crypto-related companies to close their accounts in mainland China.
Soon after the announcement, Binance stopped accepting registration from Chinese users.