New Rumors: Binance returns to China
Allegedly, Binance plans to return to China and is now looking forward to opening a new office in Beijing to accompany the one operating in Shanghai. Changpeng Zhao founded Binance in 2017 before the digital company moved to Malta. The global cryptocurrency exchange provider left China in early 2017 after the country denounced and banned crypto trading.
Binance has yet to confirm the rumors about its plans to return to the home country after its long exile. However, there are several Binance employees currently operating in the Chinese capital.
However, because China has started working on its digital currency, China shifted the development of its own yuan-backed CBDC (Central Bank Digital Currency) into the next gear. The trading giant plans to make CBDC the de facto global digital currency in emerging economies.
The partnership between China and Binance started to warm up. Binance is one of many companies in the crypto industry that seems to be growing friendlier with China. However, Binance has been investing in China ever since leaving the country. The company is actively working on new projects with China. Additionally, Binance has provided $200 million round of funding for Chinese digital technology, blockchain and crypto publication, called Mars Finance.
Digital blossom and Crypto Spring in China
Recently, China announced that it started actively embracing financial technology. State representatives and experts believe that financial technology could promote the development of a country’s financial market. Thus, the Chinese digital companies have started working on a new crypto project even more openly and diligently.
On October 25, following Chinese President Xi Jinping’s announcement, the digital market shifted upwards. For example, Bitcoin has skyrocketed from reported daily gains of 36% to over 42%.
These are exciting updates from China and Binance. We will wait and see what this partnership will offer the digital community.
- Trading Instrument
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