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Reports currently have it that the Binance exchange is making plans to open a new office in Beijing but the information is not officially confirmed yet.
Probably the largest digital currency exchange platform in the world Binance is reportedly going to set up post in China, with an office in the capital city of Beijing. When the Beijing office is finally launched, it will be the second Binance office in the country, after the one currently operating in Shanghai, China’s biggest city. The news came from anonymous sources in a Coindesk report and is not officially confirmed yet.
Since there is no official word from the exchange, no one is exactly sure of any details, especially regarding what its specific functions will be or what exactly it will do. Regardless, Binance is quite known for extensive efforts like this specifically with spreading its presence to as many places all over the world, which could include having multiple outposts in a particular jurisdiction.
Another factor to consider with these reports is China’s recent open-arms sentiment to blockchain technology and its uses. Recently, Chinese President Xi Jinping called on the entire country and urged everyone to embrace blockchain technology and take advantage of all that it offers. Since the President’s endorsement, the atmosphere in the country immediately changed, with many people now being very pro-blockchain and publicly declaring so. It was also reported that Chinese officials even began deleting past anti-blockchain posts on several social media platforms, to get in line with the government.
Furthermore, China also recently signed a new law to govern cryptography, which is expected to take effect from Jan. 2020. The law was put in place to not only guide the growth and development of the technology – giving the government a proper oversight function – but also to ensure that at no point will any entity create a blockchain project that has the potential to undermine the government and its powers whether immediately or at a later time.
Months ago, China also required blockchain projects to register with its cyberspace authority and a few days ago, published the second list of fully registered projects numbering more than 500, including several different major banks and other large institutions. All of these moves show that China wants to encourage the technology within, but it could also be a great way to encourage investment and external hands into the country.
In a live Twitter video on Wednesday, Binance CEO Changpeng Zhao said that the exchange processes more than a few million dollars from users in China every day. This could possibly be one of the reasons there is a renewed focus on the country.
Binance is also making impressive strides in the U.S. since Binance.US opened in September. Within a month, the new trading platform has successfully hit daily trading figures of $15 million. Furthermore, Binance US also increased supported assets to 24 from the initial 7, giving Americans full access to 50 trading pairs. Today, the platform will officially launch debit card payments and allow bank wires as well.