Wechat Bans Stock Exchange Searches Binance Blocks Yuan In OTC Market

According to blogger Colin Wu, WeChat, China’s “super app” with more than a billion users, impede looks for Huobi, Binance, and other crypto exchanges.

After China announced in September that foreign exchanges would not be able to serve mainland residents, the exchanges rushed to ban Chinese users from trading.

As Bitcoin magazine reported, Huobi will close all Chinese users by the end of the year.

In a WeChat group, Huobi founder Leon Li stated that the exchange will leave China forever because of the dizzying process.

At the end of July, Huobi also dissolved the Beijing organization founded in 2013. In the same month, Binance’s website was also blocked by China’s “great firewall”.

In June, Baidu and other popular search engines banned searches related to cryptocurrency exchanges.

The Great Firewall of China began blocking access to CoinMarketCap and CoinGecko, the two most popular cryptocurrency websites, in late September.

Binance blocks yuan

Binance has announced that it will end supporting the Chinese yuan on its OTC trading platform on December 31st. The company claims the move is related to “regulatory requirements”.

Mainland China users can only withdraw or close their positions.

Binance’s announcement pushed Bitcoin price down to an intraday low of $ 54,684.

Source: TradingView

The company underscores its commitment to regulatory compliance in its statement:

“BNB withdrew from the Chinese mainland market in 2017 and is not involved in trading there. BNB takes its compliance obligations seriously and strictly adheres to the relevant requirements of the local supervisory authorities. “

The Chinese people on the mainland are currently running out of options in the face of mounting repression by the government.

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Annie

Bitcoin magazine

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