Binance will shut down yuan trading on C2C platform after china’s crypto ban and and it is soon to convict and Sentence crypto users
It’s a brand new week but we are here to tell you about the highlights for last week’s events over the cryptoverse! It has been a roller coaster ride and we are up to the challenge of updating you with the latest news and hottest trends. We know the PRVArmy are eager to know more of the much anticipated The Great Migration , but for now, the cryptoverse will be under the limelight! Can’t wait for last week’s happenings in the cryptoverse? Here we go! Here are the week’s top headlines!
PRViously on Crypto, Binance to shut down yuan trading, China to start Convicting and Sentencing crypto users.
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China may soon start convicting and sentencing cryptocurrency users
As reported from Caijing Magazine – a local news outlet, the Judiciary of China is now exploring the implementation of the new cryptocurrency regulations.
The People’s Bank of China (PBOC) and 10 other regulators in China including the Public Security Bureau and Cyberspace Administration jointly released a notice last month that banned all cryptocurrency transactions within the country and made these transactions illegal.
Presently, there are still no clearly defined procedures for those violators as these are absent in the notice. Hence, the judiciary are now working on providing a clear law that lists down the protocol in prosecuting, convicting, and sentencing participants in the crypto market.
The regulation is strict towards Chinese citizens even though living abroad. As provided in the notice, overseas virtual currency exchanges are also conducting illegal financial activities if they provide services to such residents and they will be held accountable under the law.
“For domestic staff of relevant overseas virtual currency exchanges, as well as legal persons and unincorporated persons who know or should know that they are engaged in virtual currency-related businesses and still provide them with services such as marketing promotion, payment, and settlement, technical support, etc. Organizations and natural persons shall be held accountable in accordance with the law,”
Caijing Magazine
The Cryptocurrency industry in China seems bleak after the tear down, especially that a recent report noted that unregulated fund outflow dropped by 40% in China. This happened after the notice from regulators.
Binance will shut down yuan trading on C2C platform after China’s crypto ban
This December 31, 2021, the largest crypto exchange in the world, Binance, is shutting down completely the yuan trading feature on its customer-to-customer platform. In a move to “meet regulatory requirements of the local government,” the company said on October 13, 2021 in a statement.
The crypto exchange also said that it will conduct a thorough inspection for those users trading in mainland China, and their accounts, once identified, will be switched to “withdrawal only” mode. According to their statement, the users in China will only be able to withdraw, cancel orders, redeem and close position holdings.
This move was due to China’s stepped-up ban on all crypto related transactions in a notice jointly issued on Sept. 24 by 10 top financial, public security and legal authorities. This was followed by Huobi, another major crypto exchange, and quickly stopped account registration for new customers according to their official statement. It also added that all Huobi accounts in mainland China will be closed down effective on December 31, 2021.
According to Forkast.News, more than 30 crypto-related companies have also withdrawn from China since the it dropped the intensified crypto crackdown notice,
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