Binance to Open Beijing Office Amid China’s Renewed Blockchain Push

[ecnalubma]

Malta-based cryptocurrency exchange Binance is opening an office in Beijing, two sources with knowledge of the matter told CoinDesk. The new outpost will join Binance’s current mainland China office in Shanghai.

It’s not clear what exactly the office will do or when it will open, but the move follows a slew of announcements from Chinese authorities, including President Xi Jinping outlining China’s new blockchain ambitions.

Relations between Binance leadership and Chinese authorities appear to have warmed recently, with the exchange publishing a report on China’s plans for a digital fiat currency over the summer and Binance CEO Changpeng Zhao stating this week on Twitter that he believes the Chinese central bank is having a positive impact on the crypto industry. This comes just one year after China’s censorship firewall blocked access to the Binance website.

These days, Binance executives have publicly stated the exchange is working with multiple governments on an upcoming stablecoin project called Venus. Binance co-founder and chief marketing officer Yi He told Bloomberg that Binance will help governments “fully supervise” the cryptocurrency industry through such projects to ensure “stable, sustainable development.”

Although Zhao grew up in Canada, he was born in China and worked at the China-based exchange OkCoin before founding his own empire. Binance made its first investment in a Chinese crypto company, Mars Finance, last September. Many of the exchange’s earlier investors hail from the Chinese tech industry, including Black Hole Capital and Funcity Capital.

Zhao added via Twitter on Tuesday that Binance currently sees a “few million dollars a day” worth of volume from Chinese users, especially via the peer-to-peer functionality that became available in China earlier this month. However, an increased focus on serving Chinese users doesn’t inherently mean the company is working with authorities on products or services beyond the Venus stablecoin project and compliance efforts.

“I don’t have anything that’s not public,” Zhao said in the Twitter video, referring to Chinese government strategies, adding:

“All of my readings are from public sources.”

source

Honestly I am really impressed with Binance commitment in bringing their flagship in different continents however we understand that governments have their different approach about cryptocurrency. Do you think Binance can influence governments decision to ease regulations and political pressure?

[1714710746]

1714710746

[exstasie]

The new outpost will join Binance’s current mainland China office in Shanghai.

It’s not clear what exactly the office will do or when it will open

Doesn't sound like major news to me. The author is trying to paint this as part of a pro-blockchain renaissance of sorts following the president's recent comments, but I don't buy it.

It's just part of Binance's recent push into the Chinese market. They launched peer-to-peer trading earlier this month, with plans to expand into the OTC market: https://cointelegraph.com/news/binance-launches-p2p-trading-for-chinese-yuan

[Wexnident]

Well, I hope they could breakthrough. China pushing for blockchain doesn't really indicate them being supportive for BTC adoption inside their country though.
Although it could also bw considered as somewhat normal? Since they are trying to push for different countries, what more China, as one of the largest countries in the world.
Well, let's just see what happens with this. China has been in the forefront of the news in recent times so I want to see what would happen in the next few months with China's development.

[NathanJB]

Binance is coming home. Since china is becoming friendly to blockchain, a lot of people and companies think that china is also becoming friendly to cryptocurrency and Bitcoin. But I have reservations with this actions of china. No one can predict what is running in the minds of this country's leaders. They could just declare Bitcoin and other cryptocurrencies other than their own digital currency as illegal. Binance and other crypto companies should be cautious with their decisions.

[hello_good_sir]

Not sure if I'd call it Binance to push adoption, I'd say their motives are a lot less noble that and are way more business oriented.

There's been no exchange that has been able to dominate the global market, and Binance wants the clients and revune from the biggest market in the world.

I'm guessing we are going to see China come out with a lot of pushback, they aren't going to let this slide. We've all seen them strongarm Alipay into drop support for them. We might be looking at full out war here which would be interesting.

[alyssa85]

Malta-based cryptocurrency exchange Binance is opening an office in Beijing, two sources with knowledge of the matter told CoinDesk. The new outpost will join Binance’s current mainland China office in Shanghai.

It’s not clear what exactly the office will do or when it will open, but the move follows a slew of announcements from Chinese authorities, including President Xi Jinping outlining China’s new blockchain ambitions.

 

If the office is being opened in Beijing - the seat of the Chinese government - then the purpose of the office is LOBBYING. They want someone on the spot to open back channels to officials with power.

[AmoreJaz]

Binance is coming home. Since china is becoming friendly to blockchain, a lot of people and companies think that china is also becoming friendly to cryptocurrency and Bitcoin. But I have reservations with this actions of china. No one can predict what is running in the minds of this country's leaders. They could just declare Bitcoin and other cryptocurrencies other than their own digital currency as illegal. Binance and other crypto companies should be cautious with their decisions.

very true. how their mind works are quite different. they have their own strategies in business!
however if bnb can push thru the actual opening of their office in beijing, that would be great! but on bnb's side of business of course!
if they can pull it off, we can say that bnb's lifespan in crypto has just been prolonged...

[Tipstar]

China is where binance started. Though the Chinese government has not been critical to crypto industry that earns money, but they were concerned about it's citizens investing in crypto and some using it to hide money from CCP. Binance than chose to leave the country and as now the party sees the potential profit from crypto industry, it might be willing to bring in companies like binance that could pay a good tax to the party.

[The Sceptical Chymist]

Doesn't sound like major news to me.

Yeah, maybe it isn't major news but it is a little bit newsworthy.  Binance is one of, if not the best exchanges out there, and if they're expanding their offices I at least find it interesting.  I just can't stand the fact that I can't use them anymore because I'm in the US in a state that they have on their "banned" list.  Not that I do a hell of a lot of trading and I don't trade with fiat, but I did used to use them from time to time.

Anyway, it's good they're expanding in China.  I can never remember what the legal situation is over there with crypto, but this is a good sign at least.  IIRC China banned mining but not crypto, and they just officially gave their support to blockchain technology--though I'm sure that will mean they want to create their own shitty government-controlled crypto. 

China is where binance started.

Really?  That's another thing I ought to pay attention to and remember--where these exchanges are located.  I was aware that Binance is operating out of Malta, but I didn't know about their origins.  Nor do I know much about where other exchanges are located.

[Willitivity]

Since China has started loosening their tight crypto regulations, maybe it's time for Blockchain based companies to start some developments there considering the population who are interested in cryptocurrencies. Binance coming to China is a welcomed development, but I hope the Chinese government doesn't reconsider their stand on cryptocurrencies once again.

[Febo]

Honestly I am really impressed with Binance commitment in bringing their flagship in different continents however we understand that governments have their different approach about cryptocurrency. Do you think Binance can influence governments decision to ease regulations and political pressure?

If I am not mistaken Binance was originally planed to be in China, but because of China kicking out all exchanges in 2016 established outside. It was on one Caribbean or one  Asian country and latter moved to Malta. All big exchanges will try to open Chinese exchange.

[Wysi]

Since China has started loosening their tight crypto regulations, maybe it's time for Blockchain based companies to start some developments there considering the population who are interested in cryptocurrencies. Binance coming to China is a welcomed development, but I hope the Chinese government doesn't reconsider their stand on cryptocurrencies once again.

We can just hope that the Chinese government does not repeat the past by threatening the exchanges to shut down or move out and if Binance is stepping back into china which means that the government is going soft towards crypto again. This bold move from Binance will definitely prompt other players to think of Chinese market again and possible return.

[pugman]

The new outpost will join Binance’s current mainland China office in Shanghai.

It’s not clear what exactly the office will do or when it will open

Doesn't sound like major news to me. The author is trying to paint this as part of a pro-blockchain renaissance of sorts following the president's recent comments, but I don't buy it.

It's just part of Binance's recent push into the Chinese market. They launched peer-to-peer trading earlier this month, with plans to expand into the OTC market: https://cointelegraph.com/news/binance-launches-p2p-trading-for-chinese-yuan

And to add on to what you have said, knowing how much shit is going on China, there isn't really much Binance's office would be able to supposedly do. All of this feels fairly vague, and I doubt any of this would actually be effective, cause for all you know this is news spread to cause disruption in the market.

And as for Binance working with the government/s, it seems great and all, but without any proper information, this whole project will take years to roll out for all you know. Binance is really going wild these days, cause who would have thought China would unban Binance from their proxy admist of everything going on.

[Serco]

Since China has started loosening their tight crypto regulations, maybe it's time for Blockchain based companies to start some developments there considering the population who are interested in cryptocurrencies. Binance coming to China is a welcomed development, but I hope the Chinese government doesn't reconsider their stand on cryptocurrencies once again.

We can just hope that the Chinese government does not repeat the past by threatening the exchanges to shut down or move out and if Binance is stepping back into china which means that the government is going soft towards crypto again. This bold move from Binance will definitely prompt other players to think of Chinese market again and possible return.

i think they will not do same thing at the past.binance strategy by open new office in beijing its good tactical.they undirectly will have psywar with local government,they will communicate with them which is maybe discuss about legalization and permit for china investor join in binance market.binance's ceo quickly response mr president that support blockchain developtment in china. He thinking good signal for cryptocurrency market too ,and hope after that china will legalized crypto.

[huu78]

I think there will be no pressure from the government to binance regulatory issues like that. That we know China is already using blockchain technology where the government is told to adopt blockchain.
And yesterday they launched a currency named DCEP above the auspices of governance? So it does not matter if Binance opens their office there, it is even better for more traders to use binance.

[Wexnident]

Since China has started loosening their tight crypto regulations, maybe it's time for Blockchain based companies to start some developments there considering the population who are interested in cryptocurrencies. Binance coming to China is a welcomed development, but I hope the Chinese government doesn't reconsider their stand on cryptocurrencies once again.

We can just hope that the Chinese government does not repeat the past by threatening the exchanges to shut down or move out and if Binance is stepping back into china which means that the government is going soft towards crypto again. This bold move from Binance will definitely prompt other players to think of Chinese market again and possible return.

I dont think they could ever go against crypto. It's just that they wanted to at the very least, take hold of the crypto community inside the country and that's why they kicked out most exchanges situated there. We could even see the majority of miners there, so I doubt they actually hated or abhorred the crypto in their country itself. Now that they have preparations to create their new coins, plus their push towards blockchain implementation, I guess you could say that they have opened their gates once again, after reorganizing everything inside.

[Google+]

This is a good development given by the Binance platform and place of exchange because I see them growing and spreading cryptocurrency and from that meeting the Binance platform will help increase the demand for cryptocurrency in its market, for this increase it will have a good influence on the price of coins in a place of exchange because it can make prices increase because of the influence of the meeting held by the Binance exchange place.

[Sithara007]

Opening an office at Beijing is a good sign from Binance. A lot of their users are from mainland China and previously they had to depend upon the Hong Kong office (they have another office in Shanghai, but from what I have heard it is a small one). With the situation Hong Kong being very volatile with little improvement, the inauguration of the Beijing office would be a boon for the Chinese users. But that said, I would not read too much in to the statement from Xi Jinping. Just because he was praising Blockchain, we can't say with 100% surety that he will be supportive about cryptocurrency.

[BitHodler]

I'm not too surprised nor do I think it's news worthy. Binance will keep closing and opening offices around the world as they never feel too comfortable staying in a country for too long with their non compliant attitude.

In the long run it will be the compliant exchanges getting back all the users they lost to exchanges such as Binance, so this is actually the time to get yourself finally to comply with legislation as exchange. You can't keep running away for ever.

[blckhawk]

Opening in China, knowing that the country has a huge part in Bitcoin's network, is maybe a good idea. Sincea large percentage of people there are aware of cryptocurrencies, and especially in mining, they could attract more people to use their exchange and therefore, more trade/exchange activity that would be good for the market. However, China is known to impose their rules to their liking and if they decided to outright ban Bitcoin or other cryptocurrency, then this could be a problem to Binance.