Binance Is Planning To Enter The Chinese Cryptocurrency Market

The latest cryptocurrencies news show that Binance is planning to enter the Chinese cryptocurrency market with the launch of its new China website. The update comes right after the exchange was forced to leave China following the strict regulations that shut down all domestic cryptocurrency exchanges in September 2017.

Ever since then, we have been seeing mixed messages from Beijing. Financial institutions are not permitted to deal with crypto which means that it is not illegal for a person to hold it. Also, when taken along with the constant reports of anti-crypto moves such as the proposed Bitcoin mining ban, it is clear that the Chinese government holds a standoff approach as far as crypto is concerned.

The prominent analyst and crypto figure @DoveyWan is in the Binance news today with sharing the update by the exchange on Twitter.

👀👀 BINANCE CHINA IS COMING https://t.co/KM4iWImmHo @cz_binance @heyibinance if Binance empire can its way back to China via this “blockchain not crypto approach” then “曲线救国” strategy really works out

What’s saying on its landing page (cont. pic.twitter.com/6pWNZxU9CT

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) May 19, 2020

The co-founder of the blockchain investment firm Primitive Ventures (Wan) spoke in the news on the news that Binance is planning a new move to China – and said the following:

“Looks like the CN site is mainly for blockchain courses. and other business include blockchain tech development, research and consulting, incubation, academy, talent service, Binance Chain, blockchain charity.”

However, the CEO of Binance Changpeng Zhao was quick to chime on all of this and hinted that trading on the china site could come at some future point. He commented “one step at a time” and said that everyone needs to focus “on education and technology first.”

One step at a time. Let's focus on education and technology first. 😀

— CZ Binance 🔶🔶🔶 (@cz_binance) May 19, 2020

When it comes to cryptocurrency, the Chinese government holds a very patchy record with regard to its endorsement. While countries such as the United States are also cautious, China is showing no signs of adoption.

Even with that, Binance is planning to enter the Chinese cryptocurrency market and wants to work with industry heads to develop certain frameworks. Also, there is the digital yuan which is a play against the US hegemony – and something that could help China initiate another battle with the US against cryptocurrency use and adoption.

With Zhao’s re-entry into China, we can see that many may have been wrong regarding the country and its stance on cryptocurrency. Soon, all of this could be changing. For more information, continue reading our regulation crypto news!