Binance to Open Beijing Office Following China's Blockchain Push

Cryptocurrency exchange Binance, which is headquartered in Malta, is opening a new office in Beijing in addition to the mainland office that the exchange currently has in Shanghai. The news came in a report from CoinDesk, citing two sources “with knowledge of the matter.”

While neither a timeline for when the office will be opened nor exactly what purpose the office will serve has been established, the office’s opening seems to come at a particularly strategic time for Binance. Late last week, President of the People’s Republic of China Xi Jinping remarked that blockchain would be an important part of China’s future.

On the same day, Binance CEO Changpeng Zhao tweeted about his observation that statements that have been made by political figures in China (namely, the 2016 Chairman of the Central Bank of China) have been a positive thing for the industry in the past, possibly pointing to a belief that China’s stance on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology is an important influencing factor in the global cryptocurrency ecosystem.

Today, President Xi Jinping stated strong support (or necessity) for blockchain development by China.

Not making any predictions, draw your own conclusions. We are still here. — CZ Binance (@cz_binance) October 25, 2019

Binance takes further steps toward Chinese market

However, even before Xi’s remarks on the 25th and the alleged plans to open the office that has followed, Binance was already taking steps to build a positive relationship with Chinese authorities.

When Binance originally announced Venus, its global cryptocurrency project, earlier this year, the exchange published the announcement in Chinese before it published an English-language version.

Additionally, Dovey Wan, founding partner at Primitive Crypto and well-known Crypto Twitter commentator, pointed out that the language in the Chinese announcement was much richer than that in the English announcement.

a side by side read of the English announcement vs the Chinese announcementhttps://t.co/101UpGy5QL

TLDR; The English one is just an announcement the Chinese one is a manifesto — Dovey 以德服人 Wan ? ? (@DoveyWan) August 19, 2019

Additionally, in an interview with Bloomberg, Binance co-founder He Yi also described Venus as a “Belt as well as Road variation of Libra, referencing China’s “One Belt, One Road” initiative.

Cofounder of Binance .@heyibinance said “Venus” is the “One-belt-one-road version of Libra”

Totally nailed it ??? pic.twitter.com/RqfaPH8zE1 — Dovey 以德服人 Wan ? ? (@DoveyWan) August 19, 2019

Binance launched p2p trading for Chinese market earlier this month

Earlier this month, Binance also launched peer-to-peer crypto trading against the Chinese Yuan (CNY) on its Android application.

Last night, @Binance Launches P2P Trading, starting with China. Most of CT probably can't use it yet, but 1.4 billion people can. We will expand the service to other regions soon.

Anything that makes it easier to get #crypto.https://t.co/GX1sPK8Hql — CZ Binance (@cz_binance) October 9, 2019

However, a bit of confusion around the product ensued after reports emerged that WeChat and AliPay could be used to deposit cryptocurrency on the p2p Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. Changpeng Zhao clarified the matter on Twitter, saying that “Binance is not working directly with WeChat or Alipay. However, users are able to use them in P2P transactions for payment.”

Some confusion by some news outlets. @Binance is not working directly with WeChat or Alipay. However, users are able to use them in P2P transactions for payment.

Still not a small feat. But words/meaning get twisted as they are passed around. https://t.co/uQ8KmD1TQB — CZ Binance (@cz_binance) October 9, 2019