Binance will suspend the use of Chinese yuan on its P2P platform in December.

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Binance is enacting new restrictions in the mainland to comply with China’s cryptocurrency crackdown.

Binance crypto exchange officially announced on Wednesday that the company will delist the Chinese yuan (CNY) from its peer-to-peer trading platform on Dec. 31.

Along with the discontinuation of yuan trading pairs, Binance will continue to restrict access to its platform for users from mainland China, instituting new measures for accounts found to be linked to the region. Binance will specifically restrict such accounts to “withdrawal only” mode, limiting transactions to withdrawals, redemptions, and position closing.

Binance stated that it “withdrew from the Chinese mainland market in 2017” and has not done any exchange business in the region since. China-based users, according to the exchange, have been unable to access Binance since the exit.

Despite exiting the Chinese market in 2017, Binance has not yet suspended trades involving the Chinese national currency on its platform.

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“Binance does not have any active exchange operations in China. We can also confirm that mobile phone registrations are blocked and the Binance app is not available for download by China-based consumers,” a Binance spokesperson told Cointelegraph.

“We have also taken the added step to delist CNY trading pairs and restrict services on Binance P2P to any China-based users,” the representative added.

The announcement comes just weeks after the Chinese government issued another major crypto ban in late September, with multiple state authorities banding together to combat crypto adoption in the country. Several major cryptocurrency companies have been forced to relocate or redirect some of their services.

Huobi, one of the world’s largest cryptocurrency exchanges, is one company whose revenue is likely to suffer as a result of China’s new ban.

“Due to historical reasons, we do have a certain proportion of our user base in mainland China. Retiring mainland Chinese user accounts will have a certain impact on the company’s revenue in the short term,” a spokesperson for Huobi told Cointelegraph on Sept. 28.

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“Huobi’s diversified businesses outside of China have reached nearly 70% in terms of trading volumes,” the representative added.

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