Binance is Planning to Enter Chinese Crypto Market: Industry Exec” /> Binance is Planning to Enter Chinese Crypto Market: Industry Exec</h1> <div class="entry-meta postmeta clearfix"><span class="meta-date sep"><a href="https://altnewscoin.com/crypto/binance-is-planning-to-enter-chinese-crypto-market-industry-exec-binance-is-planning-to-enter-chinese-crypto-market-industry-exec/" title="1:41 pm" rel="bookmark"><time class="entry-date published updated" datetime="2020-05-19T13:41:16+00:00">May 19, 2020</time></a></span></div> <img width="860" height="280" src="https://altnewscoin.com/wp-content/uploads/2020/05/ccryptafotophoto-1474181487882-5abf3f0ba6c2-scaled-1-860x280.jpg" class="attachment-featured_image size-featured_image wp-post-image" alt="" /> <div class="entry clearfix"> <p>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.</p> <p>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.</p> <p>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.</p> <p><img class="aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2020/05/DoveyWan_tweet_1262607636421201923.jpg"></p> <p>Source: twitter.com</p> <p>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:</p> <blockquote> <p>“<span>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</span>.”</p> </blockquote> <p>However, Binance CEO Changpeng Zhao was quick to chime in by hinting that trading on the China site could come at some future point.</p> <h2>The Chinese Government Doesn’t Care For Crypto Speculation</h2> <p>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.</p> <p>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.</p> <p>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.</p> <p>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:</p> <blockquote> <p>“<span>essentially unauthorized illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising.</span>“</p> </blockquote> <p>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.</p> <h2>The Digital Yuan is a Play Against US Hegemony</h2> <p>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.</p> <p>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.</p> <p>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).</p> <p>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.</p> <blockquote> <p>“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.]”</p> </blockquote> <p>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.</p> <p>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?</p> <p><img class="aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2019/05/Annotation-2019-05-29-131908.png"></p> <p>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.</p> <p>Source: <a href="https://www.newsbtc.com/2020/05/19/binance-is-planning-to-enter-chinese-crypto-market-industry-exec/" target="_blank" rel="noopener noreferrer">Read Full Article</a></p> <!-- <rdf:RDF xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:trackback="http://madskills.com/public/xml/rss/module/trackback/"> <rdf:Description rdf:about="https://altnewscoin.com/crypto/binance-is-planning-to-enter-chinese-crypto-market-industry-exec-binance-is-planning-to-enter-chinese-crypto-market-industry-exec/" dc:identifier="https://altnewscoin.com/crypto/binance-is-planning-to-enter-chinese-crypto-market-industry-exec-binance-is-planning-to-enter-chinese-crypto-market-industry-exec/" dc:title="Binance is Planning to Enter Chinese Crypto Market: Industry Exec” /> Binance is Planning to Enter Chinese Crypto Market: Industry Exec" trackback:ping="https://altnewscoin.com/crypto/binance-is-planning-to-enter-chinese-crypto-market-industry-exec-binance-is-planning-to-enter-chinese-crypto-market-industry-exec/trackback/" /> </rdf:RDF> --> <div class="page-links"></div> </div> <div class="postinfo clearfix"></div> </article> <nav class="navigation post-navigation" role="navigation" aria-label="Posts"> <h2 class="screen-reader-text">Post navigation</h2> <div class="nav-links"><div class="nav-previous"><a href="https://altnewscoin.com/politics/trump-just-retweeted-one-of-his-biggest-critics-who-replied-exactly-how-youd-expect/" rel="prev">« Trump Just Retweeted One Of His Biggest Critics, Who Replied Exactly How You’d Expect</a></div><div class="nav-next"><a href="https://altnewscoin.com/crypto/lmax-digital-85b-of-crypto-currencies-traded-after-2-years-of-operation/" rel="next">LMAX Digital: $85B of Crypto Currencies Traded After 2 Years of Operation »</a></div></div> </nav> </section> <section id="sidebar" class="secondary clearfix" role="complementary"> <aside id="three_block_widget-3" class="widget widget_three_block_widget clearfix"><div class="widgettitle"><span>Markets</span></div> <div class="awaken-3latest"> <div class="row"> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/markets/breakingviews-christine-lagarde-is-having-a-good-crisis/" title="Breakingviews – Christine Lagarde is having a good crisis"><img width="728" height="484" src="https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor556.jpg" class="attachment-featured size-featured wp-post-image" alt="" title="Breakingviews – Christine Lagarde is having a good crisis" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/markets/breakingviews-christine-lagarde-is-having-a-good-crisis/" rel="bookmark">Breakingviews – Christine Lagarde is having a good crisis</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/markets/german-auto-stimulus-to-boost-vws-electric-push/" title="German auto stimulus to boost VW's electric push"><img width="800" height="533" src="https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor555-1.jpg" class="attachment-featured size-featured wp-post-image" alt="" title="German auto stimulus to boost VW's electric push" srcset="https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor555-1.jpg 800w, https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor555-1-768x512.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/markets/german-auto-stimulus-to-boost-vws-electric-push/" rel="bookmark">German auto stimulus to boost VW's electric push</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/markets/sensex-snaps-6-day-winning-run-to-end-129-points-lower-bank-stocks-tank/" title="Sensex snaps 6-day winning run to end 129 points lower; bank stocks tank"><img width="615" height="384" src="https://altnewscoin.com/wp-content/uploads/2020/06/cfntalkfoto15THBUSENSEX.jpg" class="attachment-featured size-featured wp-post-image" alt="" title="Sensex snaps 6-day winning run to end 129 points lower; bank stocks tank" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/markets/sensex-snaps-6-day-winning-run-to-end-129-points-lower-bank-stocks-tank/" rel="bookmark">Sensex snaps 6-day winning run to end 129 points lower; bank stocks tank</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> </div><!--.row--><div class="row"> </div><!-- .row --> </div> </aside><aside id="three_block_widget-6" class="widget widget_three_block_widget clearfix"><div class="widgettitle"><span>Politics</span></div> <div class="awaken-3latest"> <div class="row"> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/politics/havent-received-your-coronavirus-stimulus-check-irs-says-some-americans-need-to-take-action/" title="Haven’t received your coronavirus stimulus check? IRS says some Americans need to take action"><img width="1280" height="720" src="https://altnewscoin.com/wp-content/uploads/2020/06/cfntalkfoto854081161001_6161074206001_6161082862001-vs-1.jpg" class="attachment-featured size-featured wp-post-image" alt="" title="Haven’t received your coronavirus stimulus check? IRS says some Americans need to take action" srcset="https://altnewscoin.com/wp-content/uploads/2020/06/cfntalkfoto854081161001_6161074206001_6161082862001-vs-1.jpg 1280w, https://altnewscoin.com/wp-content/uploads/2020/06/cfntalkfoto854081161001_6161074206001_6161082862001-vs-1-768x432.jpg 768w" sizes="(max-width: 1280px) 100vw, 1280px" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/politics/havent-received-your-coronavirus-stimulus-check-irs-says-some-americans-need-to-take-action/" rel="bookmark">Haven’t received your coronavirus stimulus check? IRS says some Americans need to take action</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/politics/texas-lt-gov-dan-patrick-racism-wont-stop-until-we-accept-jesus-christ/" title="Texas Lt. Gov. Dan Patrick: Racism Won’t Stop Until We ‘Accept Jesus Christ’"><img width="1432" height="724" src="https://altnewscoin.com/wp-content/uploads/2020/06/ccelebritiesfoto5ed89c922400005a158ec150.jpeg" class="attachment-featured size-featured wp-post-image" alt="" title="Texas Lt. Gov. Dan Patrick: Racism Won’t Stop Until We ‘Accept Jesus Christ’" srcset="https://altnewscoin.com/wp-content/uploads/2020/06/ccelebritiesfoto5ed89c922400005a158ec150.jpeg 1432w, https://altnewscoin.com/wp-content/uploads/2020/06/ccelebritiesfoto5ed89c922400005a158ec150-768x388.jpeg 768w" sizes="(max-width: 1432px) 100vw, 1432px" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/politics/texas-lt-gov-dan-patrick-racism-wont-stop-until-we-accept-jesus-christ/" rel="bookmark">Texas Lt. Gov. Dan Patrick: Racism Won’t Stop Until We ‘Accept Jesus Christ’</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/politics/anderson-cooper-dismantles-kayleigh-mcenanys-like-churchill-defense-of-trump/" title="Anderson Cooper Dismantles Kayleigh McEnany’s ‘Like Churchill’ Defense Of Trump"><img width="960" height="600" src="https://altnewscoin.com/wp-content/uploads/2020/06/ccelebritiesfoto5ed89f372500006326eb2b64.jpeg" class="attachment-featured size-featured wp-post-image" alt="" title="Anderson Cooper Dismantles Kayleigh McEnany’s ‘Like Churchill’ Defense Of Trump" srcset="https://altnewscoin.com/wp-content/uploads/2020/06/ccelebritiesfoto5ed89f372500006326eb2b64.jpeg 960w, https://altnewscoin.com/wp-content/uploads/2020/06/ccelebritiesfoto5ed89f372500006326eb2b64-768x480.jpeg 768w" sizes="(max-width: 960px) 100vw, 960px" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/politics/anderson-cooper-dismantles-kayleigh-mcenanys-like-churchill-defense-of-trump/" rel="bookmark">Anderson Cooper Dismantles Kayleigh McEnany’s ‘Like Churchill’ Defense Of Trump</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> </div><!--.row--><div class="row"> </div><!-- .row --> </div> </aside><aside id="three_block_widget-9" class="widget widget_three_block_widget clearfix"><div class="widgettitle"><span>Latest Posts</span></div> <div class="awaken-3latest"> <div class="row"> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/business/ecb-gives-another-shot-of-stimulus-as-economy-reels/" title="ECB gives another shot of stimulus as economy reels"><img width="800" height="448" src="https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor535.jpg" class="attachment-featured size-featured wp-post-image" alt="" title="ECB gives another shot of stimulus as economy reels" srcset="https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor535.jpg 800w, https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor535-768x430.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/business/ecb-gives-another-shot-of-stimulus-as-economy-reels/" rel="bookmark">ECB gives another shot of stimulus as economy reels</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/politics/havent-received-your-coronavirus-stimulus-check-irs-says-some-americans-need-to-take-action/" title="Haven’t received your coronavirus stimulus check? IRS says some Americans need to take action"><img width="1280" height="720" src="https://altnewscoin.com/wp-content/uploads/2020/06/cfntalkfoto854081161001_6161074206001_6161082862001-vs-1.jpg" class="attachment-featured size-featured wp-post-image" alt="" title="Haven’t received your coronavirus stimulus check? IRS says some Americans need to take action" srcset="https://altnewscoin.com/wp-content/uploads/2020/06/cfntalkfoto854081161001_6161074206001_6161082862001-vs-1.jpg 1280w, https://altnewscoin.com/wp-content/uploads/2020/06/cfntalkfoto854081161001_6161074206001_6161082862001-vs-1-768x432.jpg 768w" sizes="(max-width: 1280px) 100vw, 1280px" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/politics/havent-received-your-coronavirus-stimulus-check-irs-says-some-americans-need-to-take-action/" rel="bookmark">Haven’t received your coronavirus stimulus check? IRS says some Americans need to take action</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/crypto/wall-street-regulator-tags-bank-of-america-with-7-2-million-fine/" title="Wall Street Regulator Tags Bank of America with $7.2 Million Fine"><img width="880" height="400" src="https://altnewscoin.com/wp-content/uploads/2020/06/ccryptafotoMerril_Lynch_880x400-4.jpg" class="attachment-featured size-featured wp-post-image" alt="" title="Wall Street Regulator Tags Bank of America with $7.2 Million Fine" srcset="https://altnewscoin.com/wp-content/uploads/2020/06/ccryptafotoMerril_Lynch_880x400-4.jpg 880w, https://altnewscoin.com/wp-content/uploads/2020/06/ccryptafotoMerril_Lynch_880x400-4-768x349.jpg 768w" sizes="(max-width: 880px) 100vw, 880px" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/crypto/wall-street-regulator-tags-bank-of-america-with-7-2-million-fine/" rel="bookmark">Wall Street Regulator Tags Bank of America with $7.2 Million Fine</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> </div><!--.row--><div class="row"> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/business/tech-stocks-boost-nasdaq-as-recovery-optimism-prevails/" title="Tech stocks boost Nasdaq as recovery optimism prevails"><img width="800" height="533" src="https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor543.jpg" class="attachment-featured size-featured wp-post-image" alt="" title="Tech stocks boost Nasdaq as recovery optimism prevails" srcset="https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor543.jpg 800w, https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor543-768x512.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/business/tech-stocks-boost-nasdaq-as-recovery-optimism-prevails/" rel="bookmark">Tech stocks boost Nasdaq as recovery optimism prevails</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/markets/breakingviews-christine-lagarde-is-having-a-good-crisis/" title="Breakingviews – Christine Lagarde is having a good crisis"><img width="728" height="484" src="https://altnewscoin.com/wp-content/uploads/2020/06/cnewsfotor556.jpg" class="attachment-featured size-featured wp-post-image" alt="" title="Breakingviews – Christine Lagarde is having a good crisis" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/markets/breakingviews-christine-lagarde-is-having-a-good-crisis/" rel="bookmark">Breakingviews – Christine Lagarde is having a good crisis</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> <div class="col-xs-12 col-sm-4 col-md-4"> <div class="awaken-block-post"> <a href="https://altnewscoin.com/bitcoin/stock-alert-navistar-international-up-3-as-q2-loss-narrower-than-estimates/" title="Stock Alert: Navistar International Up 3% As Q2 Loss Narrower Than Estimates"><img width="640" height="431" src="https://altnewscoin.com/wp-content/uploads/2018/02/TQhauKsZaWagomfidiOJ.jpg" class="attachment-featured size-featured wp-post-image" alt="" title="Stock Alert: Navistar International Up 3% As Q2 Loss Narrower Than Estimates" srcset="https://altnewscoin.com/wp-content/uploads/2018/02/TQhauKsZaWagomfidiOJ.jpg 640w, https://altnewscoin.com/wp-content/uploads/2018/02/TQhauKsZaWagomfidiOJ-300x202.jpg 300w, https://altnewscoin.com/wp-content/uploads/2018/02/TQhauKsZaWagomfidiOJ-600x404.jpg 600w" sizes="(max-width: 640px) 100vw, 640px" /></a> <div class="genpost-entry-title"><a href="https://altnewscoin.com/bitcoin/stock-alert-navistar-international-up-3-as-q2-loss-narrower-than-estimates/" rel="bookmark">Stock Alert: Navistar International Up 3% As Q2 Loss Narrower Than Estimates</a></div> <hr> </div><!-- .awaken-block-post--> </div><!-- .bootstrap-cols --> </div><!--.row--><div class="row"> </div><!-- .row --> </div> </aside><aside id="custom_html-3" class="widget_text widget widget_custom_html clearfix"><div class="textwidget custom-html-widget"><!--LiveInternet counter--><script type="text/javascript"> document.write("<a href='//www.liveinternet.ru/click' "+ "target=_blank><img src='//counter.yadro.ru/hit?t26.1;r"+ escape(document.referrer)+((typeof(screen)=="undefined")?"": ";s"+screen.width+"*"+screen.height+"*"+(screen.colorDepth? screen.colorDepth:screen.pixelDepth))+";u"+escape(document.URL)+ ";h"+escape(document.title.substring(0,150))+";"+Math.random()+ "' alt='' title='LiveInternet: показано число посетителей за"+ " сегодня' "+ "border='0' width='88' height='15'><\/a>") </script><!--/LiveInternet--> <!-- Start of StatCounter Code for Default Guide --> <script type="text/javascript"> var sc_project=11656455; var sc_invisible=1; var sc_security="1122f2c5"; </script> <script type="text/javascript" src="https://www.statcounter.com/counter/counter.js" async></script> <noscript><div class="statcounter"><a title="Web Analytics" href="http://statcounter.com/" target="_blank" rel="noopener noreferrer"><img class="statcounter" src="//c.statcounter.com/11656455/0/1122f2c5/1/" alt="Web Analytics"></a></div></noscript> <!-- End of StatCounter Code for Default Guide --></div></aside> </section> </div> <div id="footer-wrap"> <footer id="footer" class="container clearfix" role="contentinfo"> <div id="footer-text"> <span class="credit-link"> Copyright © 2020 </span> </div> </footer> </div> </div><!-- end #wrapper --> <script type='text/javascript' src='https://altnewscoin.com/wp-includes/js/wp-embed.min.js?ver=5.4.1'></script> <!-- Cookie Notice plugin v1.3.2 by Digital Factory https://dfactory.eu/ --> <div id="cookie-notice" role="banner" class="cookie-notice-hidden cookie-revoke-hidden cn-position-bottom" aria-label="Cookie Notice" style="background-color: rgba(86,86,86,1);"><div class="cookie-notice-container" style="color: #fff;"><span id="cn-notice-text" class="cn-text-container">We and our partners use cookies on this site to improve our service, perform analytics, personalize advertising, measure advertising performance, and remember website preferences.</span><span id="cn-notice-buttons" class="cn-buttons-container"><a href="#" id="cn-accept-cookie" data-cookie-set="accept" class="cn-set-cookie cn-button bootstrap button" aria-label="Ok">Ok</a></span><a href="javascript:void(0);" id="cn-close-notice" data-cookie-set="accept" class="cn-close-icon" aria-label="Ok"></a></div> </div> <!-- / Cookie Notice plugin --></body> </html>