Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Monster5 on October 13, 2021, 06:44:31 PM
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Binance has said it will halt the marketplace for the Chinese yuan over-the-counter (OTC) trading on its platform following China's latest crypto trading crackdown.
Binance, one of the major crypto exchanges that have a significant number of China-based customers, said in a Chinese statement on Wednesday that it will delist the Chinese yuan OTC marketplace after December 31.
Further, the exchange said it will restrict the access for mainland China customers but does not indicate if it will retire all China-based accounts.
"If the platform finds out mainland China users, Binance will restrict such accounts to the withdrawal-only mode. Users will only be able to withdraw assets, cancel orders, redeem or close positions," Binance said in the statement.
The move follows Binance's largest rival in China Huobi, which said it will not only suspend the Chinese yuan OTC marketplace but also retire all the customers who are verified with mainland China IDs.
Binance's move also adds to a long list of responses from crypto companies that suggest China's escalated crackdown measures last month have been taken seriously.
BNB, the exchange token of Binance, dropped by about five percent shortly after the firm announced the news and is changing hands at $440 as of press time. see about (https://www.theblockcrypto.com/linked/120367/binance-halt-china-crypto-yuan-otc)
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China is indeed very extreme in what it does to cryptocurrencies, so that creating a large exchange like Binance is also confused when it comes to meeting the rules applied by the Chinese state.
But surely this Binance will provide something very extraordinary if it can be separated from Chinese rules because Binance also has a CEO who comes from China, namely Changpeng Zhao who certainly has the same culture.
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I see no point in taking such harsh measures against the Chinese yuan from the Binance cryptocurrency exchange. Indeed, in fact, this measure will not so much be against the Chinese government as against the citizens of China. Now, after the announcement by the People's Bank of China of the illegality of transactions in cryptocurrency, it is quite difficult for the population of China to work with cryptocurrency. If cryptocurrency exchanges also deprive the Chinese of the ability to transfer cryptocurrency to their yuan, this will reinforce the government ban for them.
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It seems like this is a civil war because Binance itself is limiting their platform to users in China and this is something that is very confusing because the founder of Binance is from China.
What I don't like is the regulations developed in China against cryptocurrencies which always give something very bad effect on Binance.
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Binance discontinued features like this for sure because Binance has never closed Fiat that has been registered on the platform unless Fiat from that country has problems.
China, sometimes the regulations in their country change all the time, which makes all investors in China also have to adapt and of course it will also affect the Binance exchange as is the case in this news.
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Incidents like this often happen in the cryptocurrency market because the thing called over-the-counter (OTC) is always there and this is what is feared by projects that are developing or even newly created because of this over-the-counter (OTC). create a coin price dump.
I see this is Binance's fight with the Chinese Yuan in the background by over-the-counter (OTC) hackers and I'm sure Binannce will be able to deal with this problem easily and in a timely manner.
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Problems like this keep trading as usual and this is really very unsightly and I'm also sure that Binance is not completely banning it because Binance is open to all its users around the world.
The question is which country prohibits the existence of Binance because according to the country if you enter the cryptocurrency space, later the conflicting country's funding can be taken from cryptocurrency.
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Is this FUD ??
Is this bad news ??
Is this a way to lower Binance's prestige ??
This news may or may not exist but I am sure that Binance will be able to overcome this problem because I believe that the CEO of Binance, Changpeng Zhao, is a very loyal person to BNB.
I just assume that because Binance is able to stand up like that, it means Binance has been able to go through the worst times to make the BNB coin even stronger in the future.
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China abandoned the cryptocurrency, thus the Binance cryptocurrency exchange disabled access to trade with the Chinese yuan. This is an unfavorable side to China, as many residents have been mining bitcoin. Not only with bitcoin, but also with its own created cryptocurrencies, which were created in China.
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Probably the Chinese government does not understand what they are doing and why they are restricting cryptocurrency in their country. If they do this, the market will probably start to decline due to such manipulation.
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Probably the Chinese government does not understand what they are doing and why they are restricting cryptocurrency in their country. If they do this, the market will probably start to decline due to such manipulation.
The Chinese government understands everything perfectly, do not think that there are stupid people there. The ban on mining and circulation of cryptocurrency was adopted in China on the eve of the official introduction of the digitized Chinese yuan into circulation. Thus, they eliminated the cryptocurrency as a possible competitor to the stablecoin of the People's Bank of China.
China has always developed its economy a little apart, but as we can see, this has brought positive results. Now this country is able to successfully compete with the most developed countries.
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I anticipate Metaverse efforts will grow and gain a lot of traction this year. MetaverseMe, which has been the most effective in this field in my experience, is one of several projects that will assist older generations connect with current technology. I thought it was extremely clever and intriguing that they reproduced previous games in this Metaverse. In 2023, metaverse efforts will, in my opinion, be the most talked about and investigated for investment, with interest starting to rise this year.