Bitcoin drops $1,100 in minutes after Binance culls Chinese OTC deals
The asset fell to under $55,200 after the world’s largest crypto exchange ceased CNY crypto trade pairings.
Bitcoin dropped $1,000 this morning, from $56,300 to under $55,000, after crypto exchange Binance announced it would drop its Chinese Yen trade pairings for Mainland customers.
“In response to the regulatory requirements of the local government, Binance C2C will delist the CNY trading zone at 24:00 (East Eighth District Time) on December 31, 2021,” said Binance in a post.
The exchange added that it withdrew from the Chinese mainland market in 2017 and does not currently engage in exchange business in mainland China.
Breaking: Binance announced that it will delist the CNY trading zone and stop providing services to users in mainland China. https://t.co/2wrFsZcWpp
— Wu Blockchain (@WuBlockchain) October 13, 2021
Chinese authorities have led a major crackdown on crypto since early this year. The country has long-shunned cryptocurrency usage and investments among citizens but started to drive out miners in mid-2021.
The stricter change in tone has caused several crypto exchanges, businesses, and products to cut back on China operations and retreat from the country. These include FTX, which shifted its base from Hong Kong to the Bahamas last month.