Chinese traders are losing the playing field when Binance announced it will stop OTC trading of the Chinese yuan on December 31.
Binance withdraws from the Chinese market
The company says this is related to the law.
Users in Mainland China will only be able to withdraw or close their positions.
The company clearly states its commitment to comply with the law:
Binance withdrew from the mainland China market in 2017 and is not involved in the exchange business in mainland China. Binance takes compliance obligations seriously and strictly adheres to the relevant requirements of local regulatory authorities.
After China banned cryptocurrency exchanges in 2017, traders in the country largely relied on OTC exchanges.
WeChat blocks searches about cryptocurrencies
According to blogger Colin Wu, China's super app WeChat has banned search Huobi, Binance and other exchanges.
China's Leading Social Media Platform Has Stopped Showing Any Search Results Related to Cryptocurrency Exchanges
In late July, Huobi dissolved its Beijing headquarters established in 2013. In the same month, Binance was also blocked by China's 'great firewall'.
In June, Baidu and other search engines banned searches related to exchanges cryptocurrency.