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Follow Huobi, Binance also suspended mobile phone registration for new users in mainland China

According to Wu Blockchain, the largest cryptocurrency exchange Binance has suspended all new registrations for domestic users in response to China reiterating its stance on cryptocurrency trading.

follow-huobi-binance-also-suspended-registration-of-new-users-in-mainland-china

Source: Wu Blockchain

Binance appears to have suspended mainland Chinese new user registration

The exchange operator has stopped letting customers use mainland China mobile numbers to register new accounts. This is similar to the decision of Huobi, as AZCoin News. But, in the case of Huobi, while new sign-ups are still available for Hong Kong users, mainland China is no longer an option for new account creation.

As 8BTC news agency reported, Binance has stopped mobile phone registration for new users in Mainland China. The country/region selection for mobile phone registration in its APP has deleted Mainland China. Currently, Taiwan, Hong Kong, and Macau are still retained.

This suspension of users from mainland China comes after the umpteenth time People’s Bank of China said Friday that cryptocurrency-related business activities are illegal financial activities. This time, the notice specifically said that people in China that offshore aid exchanges that provide crypto services to the Chinese may be investigated.

As some speculate, this move could be China trying to deviate attention from nearly $100 billion printed by PBOC just this week amidst the retail estate giant Evergrande debacle. Besides fiat devaluation, the regulators may have taken this step to dissuade Chinese citizens from using crypto to move capital out of the country.

Binance RMB trading platform added a new disclaimer reading, “Binance C2C is provided by Pexpay.com, and related services and responsibilities are borne by it,” noted Wu Blockchain.

binance-also-suspended-mobile-phone-registration-for-new-users-in-mainland-china

Source: CEO Binance ‘CZ’ (Changpeng Zhao)

Earlier this week, Binance also said that it de-platformed the sanctioned Russian crypto exchange Suex before the US Treasury Department blacklisted it. As an industry leader, the exchange said it is committed to working with regulators across the globe.

At the time of writing, Binance Coin (BNB) is changing hands at $341, recorded a 17% drop in the past seven days.

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