• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Binance is Planning to Enter Chinese Crypto Market: Industry Exec

Samuel Wan by Samuel Wan
8 months ago
in Cryptocurrency news
Reading Time: 3min read
Binance is Planning to Enter Chinese Crypto Market: Industry Exec
Advertisement
Nexo Logo
Listen to Article

Popular crypto exchange Binance is planning to enter the Chinese market with the launch of its new China website. This comes after Binance was forced to leave China following strict regulations that shut down all domestic cryptocurrency exchanges in September 2017.

Since then, mixed messages have been coming from Beijing. While financial institutions are not permitted to deal with crypto, it’s not illegal for a person to hold it.

And when taken in conjunction with constant reports of anti-crypto moves, such as the proposed ban on Bitcoin mining, it’s clear the Chinese government holds a standoff approach as far as cryptocurrency is concerned.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
is open crypto trading eventually coming back to China?
Source: twitter.com

But before crypto advocates rejoice, Binance’s come back is mostly in respect of education, and not for trading at this present time. Dovey Wan, the Co-founder of blockchain investment firm, Primitive Ventures noted:

“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, Binance CEO Changpeng Zhao was quick to chime in by hinting that trading on the China site could come at some future point.

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

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

The Chinese Government Doesn’t Care For Crypto Speculation

When it comes to crypto, the Chinese government holds a patchy record with regard to its endorsement. While many countries, including the US, are also cautious, most look to at least work with industry heads to coin appropriate frameworks.

This, of course, comes from a FOMO perspective, that is, a recognition of capital flight and loss of technological innovation from domestic shores. But China stands alone in that they hold no such qualms.

In fact, it’s been well-publicized on numerous occasions that the Chinese government is actively anti-crypto. For example, at the start of the year, Beijing renewed its tough stance by stating firms are not to engage in activities related to cryptocurrency.

This was reiterated by China’s central bank, The People’s Bank of China, which remarked that the trading of private virtual currencies, including Bitcoin and Ethereum, is:

“essentially unauthorized illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising.“

However, it’s well known that public orders are often flouted in China. And while trading is deemed illegal, Chinese citizens employ a raft of means to buy and sell. These include using VPNs to access overseas exchanges, OTC, and P2P trading.

The Digital Yuan is a Play Against US Hegemony

Although Beijing maintains a tough approach towards the trading of digital assets, it still has massive plans in place to accelerate the adoption of blockchain technologies.

Most notable, from an international perspective, is the digital yuan. Talk of a Chinese central bank digital currency (CBDC) has been doing the rounds since 2014. It’s only the past year or so that this has intensified.

But with souring relations between China and the US, especially in regard to the virus outbreak situation, a digital yuan has never been so important for the Chinese Communist Party (CCP).

On this point, Circle CEO Jeremy Allaire spoke about his belief that the CCP is attempting to topple US dominance, and how the digital yuan was created for that purpose.

“This becomes a mechanism by which (the yuan) can be used in everyday transactions all around the world. It’s ultimately a foundation for the internationalization [of the yuan.]”

Taking this into account, it’s difficult to imagine the CCP allowing private cryptocurrencies to hamper with these plans. This is why so many believe Beijing holds such a tough stance towards cryptocurrencies in the first place.

But with Zhao’s re-entry into China, at least from an educational standpoint, is this a sign that Allaire, and many others, are wrong?

Tags: Binancebtcusdchinacryptoethusd
TweetShare2
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

RAMP DeFi Leads The Liquid Staking Race, Opening Ethereum-Based DeFi to Staked Liquidity From Other Blockchains

RAMP DeFi Leads The Liquid Staking Race, Opening Ethereum-Based DeFi to Staked Liquidity From Other Blockchains

15 hours ago
router

Emerging DeFi Project Router Protocol Raises Seed Funding, To Launch Cross-Chain Farming Soon

1 day ago
bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

4 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.