Binance launched in 2017 as a cryptocurrency exchange which was headquartered in China – the home of many leading Bitcoin startups including Bitmain. However, the country later announced that it had intentions to ban cryptocurrency trading, which made Binance leave the country and relocate to the European island of Malta. Now, the Chinese president seems to have (re)gained his confidence in crypto and blockchain which is why Binance may open a Chinese office soon.
The latest Binance news show that China’s great internet firewall has been blocking social media and news sites of Western influence. Plus, as a result of that Bitcoin to Chinese yuan trading fell by 99% and right now the exchange is looking to expand its presence in China (once again) by opening an office in the capital of Beijing.
Binance may open a China office soon, a report claims. Even though the exchange has current offices in Shanghai, a move to Beijing will foster the growth and prove that Binance may be again open to the regulatory climate in its domestic country.
The report coming from Coindesk did have some other ideas, too. It suggested that the leading exchange may be working with the Chinese government on its Venus blockchain project. This is a major possibility and a reason why Binance may open an office in Beijing.
What’s also interesting is the fact that Binance made an investment in Mars Finance, a Chinese cryptocurrency media and data firm which is purportedly based in Beijing according to Crunchbase. The amount of this investment is still not clear, but rumors show that it was in the $200 million ballpark. The CEO of Binance, Changpeng Zhao, said the following on the importance of this investment.
“We have large respect for data, news and research firms which support the positive growth of the blockchain industry. We will continue to pursue strategic investment opportunities in our mission to bring crypto further mainstream, increase adoption and accessibility, and help the industry grow sustainably.”
Meanwhile, the president of China Xi said that the country is prepared to embrace blockchain and crypto, but the country must remain cautious. “Blockchain’s future is here but we must remain rational,” the media outlet People’s Daily Online in China reported.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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