Binance announces Chinese Yuan (CNY) delisting as regulatory pressure mounts

  • Binance crypto exchange has announced that trading in Chinese Yuan will cease completely by the end of the year.
  • Chinese authorities unearth a crypto-linked money laundering scam involving over $150 million.

Cryptocurrency exchange Binance has announced that it is delisting the Chinese Yuan (CYN) trading by the end of the year. This comes as China continues a regulatory crackdown on crypto. Many major crypto exchanges and miners have already packed up and taken their business to other parts of the world.

According to Binance, the Chinese Yuan trading zone will be deleted in its entirety from the exchange on December 31, 2021. A statement from the exchange addressed to Chinese users reads:

Binance will conduct an inventory of platform users. If the platform finds users in mainland China, their corresponding accounts will be switched to the ” withdrawal only ” mode, and users will only be able to withdraw, redeem, and close positions. Binance will notify the corresponding users by email 7 days before the account switch.

As of October 7, more than 20 digital asset companies had halted services in the country and withdrawn from the Chinese market. Even major exchange Huobi, which was founded in China recently announced plans to relocate its business permanently. The exchange suspended the creation of new accounts and revealed that accounts belonging to users from mainland China would be closed by December 31. It will also cease CYN deposits and spot trading by mid-December. Following Houbi and now Binance’s announcement, OKEx is the only major exchange yet to issue a statement detailing its plans.

The government is said to be compiling a list of IP addresses suspected to be engaged in illegal crypto mining.

Binance involved in $130 million crypto-related money laundering case

Police in China’s Zunyi City have arrested close to 100 suspects in one of the largest crypto-linked money laundering operations in the country has ever seen. About $130 million is reported to have been laundered using top exchanges Houbi, Binance and OKEx.

The scam was unearthed by a joint anti-fraud task force between the Zunyi City Public Security Bureau and the Ministry of Public security. Besides the crypto money laundering case, 332 cases of telecommunications fraud were reported to have taken place country-wide. Roughly 51 mobile phones, 15 computers and 511 bank cards were seized by the investigators.

Colin Wu, a Chinese journalist outlined the crimes committed by the cartel:

Organize the use of more than 500 bank cards, use a new money laundering method of buying low and selling virtual currencies, collect criminal stolen money from telecom fraud, carry out criminal acts such as concealing criminal proceeds, criminal proceeds, etc., and have long passed the gang’s regulations Multiple card changes and transfers, small-amount transfers, and other methods have evaded investigations by public security organs and bank control.

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Tukiya is an IT Student with a newly found interest in blockchain technology and its potential applications in everyday life.

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