Binance Announces Exit from China Amid Crypto Crackdown
October 13, 2021
Binance has joined the growing list of top cryptocurrency exchanges to leave China amid the aggressive clampdown on the crypto industry by the Chinese government.
In the wee hours of the morning today, Binance announced that it would effectively discontinue the CNY trading zone on December 31, 2021. The company noted in its official announcement that:
“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 seven days before the account switch.”
This new development comes as the Chinese government ramps up regulatory actions against crypto-related businesses and activities in the region.
Crypto firms continue to exit China in droves. Recent reports show that 20 crypto companies moved out of China amid a hostile environment.
The exit of Binance comes shortly after another behemoth exchange, Huobi, announced that it would halt CNY deposits and spot trading by mid-December. With two of the top three crypto exchanges leaving China, analysts expect OKEx to make a similar announcement in the near term.
Key Binance Coin Levels to Watch — October 13
Following a bearish slide from the $450 line to the $392 base yesterday, Binance Coin (BNB) has posted an aggressive recovery, shooting above the $450 line to post a new five-week high at $467 earlier today. The bullish resurgence likely got triggered by a push from the 200 SMA at the $400 level.
However, BNB suffered a minor correction below the $460 line and currently struggles to maintain a footing above that line. That said, a four-hour candle close above the $460 resistance should strengthen bulls to resume their march towards the $500 psychological level.
Meanwhile, our resistance levels are $460, $488, and $500, and our key support levels are $450, $436, and $420.
Total Market Capitalization: $2.27 trillion
Binance Coin Market Capitalization: $76.8 billion
Binance Coin Dominance: 3.38%
Market Rank: #3