Binance cryptocurrency exchange to stop offering peer-to-peer trading in China by the end of 2021

  


Binance, is the world’s largest cryptocurrency exchange.

News was out overnight so posting as an ICYMI, not breaking or anything. 

Binance will stop offering its peer-to-peer trading service in China by the end of 2021 

  • The firm largely withdrew from doing so years ago but this will finalise it. 
  • “in response to regulatory and policy demand”, the company said
  • comes after the People’s Bank of China (PBOC) warned recently that any foreign cryptocurrency exchange that provides services to Chinese citizens through the internet is engaged in illegal financial activities.

Info comes via the South China Morning Post which adds as an explainer:

  • The peer-to-peer service has enabled mainland China residents to buy and sell digital currencies bilaterally using fiat currencies such as the yuan, even though Binance all but quit China in 2017 after the government cracked down hard on cryptocurrency exchanges that year.
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And, an update on BTC – has had a solid gain 



More info here