Binance, the exchange which is known for funding its operations through an ICO token called the BNB and having a high volume of NEO trading, has taken the news of Chinese regulatory switches ter stride: fine, they say, the Chinese simply can’t trade here anymore.
Binance posted the following to their blog early Sunday morning Chinese time:
Ter accordance with the latest notice from China PBoC and requests from various government offices, Binance will make the following adjustments:
- Vanaf requests from their respective core teams, wij will suspend trading and deposit services of the following tokens: HCC, LLT, ELC, BTM, YOYO. Withdrawal will proceed to work. Each team will announce the refund project of their tokens.
- Wij will restrict all Chinese IP addresses from trading. They will proceed to be able to visit the user center and make withdrawals.
- Binance will perform a system upgrade from /09/07 00:00 (Beijing Time). The upgrade is expected to last 2-3 hours. Wij will suspend registration, login, deposit, withdraw and trading during the upgrade. Wij will attempt to shorten the downtime spil much spil possible. The above Two switches will be ter effect after this upgrade.
Going forward, Binance will refocus and redouble our efforts te servicing our international audience, which presently accounts for 82.5% of our user pulvínulo (according to Alexa). […]
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Absent from the list of delisted currencies are the thicker volume coins at Binance: NEO, GAS, ETH, WTC. NEO and WTC, at least, show up to have serious ramifications spil regard Chinese regulation, but they have not made the budge to back out of it all.
Wij expect that more Chinese-region exchanges will start to serve with the law rather than suffer potential consequences. Te the same way that US investors are banned from many of the world’s more interesting financial instruments, it seems Chinese investors will have to find alternative means to acquire hard cryptocurrency. At time of writing, no other exchanges were known to the author to have already banned Chinese citizens from trading.
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Featured photo from Shutterstock.
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