Binance Stops Customer-Customer Transactions Among Its Mainland China Customers
Leading digital asset exchange, Binance, has announced that it will no longer allow customer-to-customer transactions on its platform for its mainland Chinese customers.
A Confirmation Of The News
But, a local media outlet, Sbtcnews, claimed that the affected Binance users that still want to perform a C2C transaction can do so via PexPay (one of Binance’s verified collaborators). The top exchange’s move shouldn’t be a surprise given China’s ban on crypto activities in the country.
What is surprising is that it took this long before Binance made this move. Despite Binance’s great efforts at being in the good books of various authorities’ financial regulators, China remains adamant in not allowing the exchange to keep running its operations.
Binance’s Fast Growth
Even though China doesn’t welcome Binance and its services, that hasn’t deterred the exchange from stopping its expansion plans in addition to getting into the good books of more financial regulators. Recently, Binance received approval to expand its operations to Bahrain. This approval further established the exchange as one of the leading exchanges globally as it is the first time any middle-east north African country will approve a VASP in that continent.
Expressing his excitement regarding the approval, Binance boss (CZ) said that “this approval proves that we are in full compliance with regulatory policies and we will not relent in ensuring that our services exceed the expectations of our users. This approval will further make more people confident in showing interest in this unique technology. It also sets the pace for the linkage between the traditional financial systems and the digital asset sector and promotes its greater adoption “
Another good news for Binance is that it also became a licensed money service business in Canada, this license expands the scope of the exchange’s services beyond virtual asset services and forex services. You’d also recall that Binance announced yesterday that it won’t mind acquiring Visa card issuer (Swipe)’s outstanding shares to increase its holdings in the company and cement the relationship between the companies.
Furthermore, Binance is working towards having an established physical presence in France and Dubai with the moves already at advanced stages. A combination of these factors will make Binance the undisputed leader in the exchange industry worldwide.
Binance Troubles Are Not Over Yet
On December 30, Ontario Securities Commission (OSC) chided Binance for announcing that it has the OSC’s approval to provide its services in Ontario. OSC claimed that it never granted Binance such approval. Seven months ago, the OSC had sent a warning notice to Binance over non-compliance with regulatory laws in that region.
However, Binance announced this past Monday that it has sorted its issues with the OSC. But OSC has now come out to debunk the exchange’s claims. Binance may have mistaken its Canada MSB license as an approval to operate in all Canada regions. OSC further claimed that Binance isn’t among the seven platforms licensed to provide virtual asset services in Ontario. It seems Binance isn’t out of all regulatory murky waters yet.
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