Business & Finance

Binance Rumored to be Warming its Way into “Anti-Crypto” China

Binance, one of the most popular crypto exchange platforms in the sphere, is rumored to be warming its way into the anti-crypto, pro blockchain land of China, with plans of opening an office in the sprawling capital of Beijing.

According to reports, anonymous sources with knowledge of the matter shared the scoop on October 31st, although with very sparse details. The supposed new outpost of the Malta-based exchange will be joining Binance’s current mainland China office in Shanghai.

Despite the fact that Binance and its CEO Changpeng Zhao, popularly known as CZ, are known for maintaining transparency with their consumer base, there hasn’t been any public announcement on behalf of the platform as of yet in this case. It is highly likely that the exchange would prefer keeping this news under wraps considering the nature of its history with China.

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The ever-growing Binance empire that it is today, was founded back in 2017 in China. However later that year in September the People’s Bank of China notably announced a rule banning initial coin offerings (ICOs) and, in effect, crypto trading platforms in the country. Thus Binance, along with other platforms, had to uproot itself from the very country it was founded in.

Now, almost two years later, the exchange platform seems to be making its way back home and even though it might seem as sudden move it is, on the contrary not; in fact, it follows a series of events that eventually lead up to his rumor.

Earlier in summer, Binance published a report on China’s plans for digital fiat currency or central bank digital currency (CBDC). The platform also made its first major investment since leaving the country earlier in September when it took part in a $200 million round of funding for Chinese crypto and blockchain publication Mars Finance.

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Furthermore, CZ himself praised the Chinese central bank in a tweet earlier this week, saying that it is having a positive on the crypto industry. He further added on his Tuesday tweet saying that Binance currently sees a “few million dollars a day” worth of volume from Chinese users, especially through the peer-to-peer functionality that became available in the country only earlier this month.

Though the platform has not yet revealed anything officially regarding its Beijing office, it did reportedly share that it has a number of employees currently operating in the Chinese capital. Binance’s motives remain unclear as China is still very much anti-crypto as per the President Xi Jinping’s recent remarks.

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Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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