The world's largest cryptocurrency exchange Binance has finally introduced restrictions for Chinese investors following the recent ban by the authorities.

At noon on October 13, Binance posted a notice in Chinese, saying that it will start restricting services to Chinese users. Specifically, the exchange announced that it will cancel all cryptocurrency trading pairs with the Chinese yuan (CNY) on Binance P2P on December 31, 2021.

Not stopping there, Binance will conduct a review of all registered users on the exchange. If a user is found to be Chinese, that user's account will be put into "withdrawal only" mode. The exchange will send an email informing about the user account transfer 7 days before.

Binance once again confirmed that the exchange has withdrawn from the Chinese market since the 2017 ICO ban. However, the platform still allows Chinese users to register to trade, as well as support the yuan in the market. P2P field.

Previously, on September 24, Chinese authorities issued a new cryptocurrency ban, declaring all crypto transactions illegal. This ban is much more serious and radical than previous legal efforts, as evidenced by the fact that many exchanges such as Huobi, KuCoin, CoinEx, etc. have had to gradually announce the termination of services. with the Chinese account, while leaving this market. Many major mining associations and other companies in the country's billions of people's cryptocurrency sector also announced their indefinite shutdown.

Immediately after the information was posted, the price of BNB immediately dropped sharply from the peak of 467 USD to 432 USD. However, BNB is still up more than 7% compared to 24 hours ago thanks to the news that Binance launched a $1 billion stimulus package for the Binance Smart Chain ecosystem.