Binance, the largest cryptocurrency exchange platform, has announced the halt of over-the-counter trading of the yuan for Chinese citizens. This action by the exchange is in compliance with the local crypto regulations. In the announcement, Binance stated that it would halt servicing OTC trades made with the Chinese yuan by December 31, 2021. This announcement led to a dip in most of the market, with Bitcoin falling to below $55K. Halting its Services in China In the announcement dated October 13, Binance further noted that it would start an analysis of all the users on its platform, and the accounts…