Binance considers opening an office in Beijing, China

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Binance, one of the largest crypto exchanges in the world, is planning to open a new office in Beijing, the capital city of China. Or, at least this is what the crypto-focused media was informed.
Though the reports about the news were not officially confirmed, the move would make sense in the new rediscovered love of China for blockchain technology. Also, it would mean that this would be the second Binance office in the country, the first one being in Shanghai.
Yes, we know that Binance denied the Shanghai office belonged to them in the recent scandal with The Block crypto-focused publication, but since it was proven that those employees were working for them under an umbrella company purchased by Binance, things are quite clear that the famous exchange is present in China.
Since the details are not yet confirmed, currently there are only speculations on what the Beijing branch will be assigned to do. Nevertheless, as Binance is known for rapidly spreading its presence all around the globe, if the news would come true this would be a major move for Binance as they would target a great number of users.
As far as we remember, the Chinese crypto ban has been imposed to stop Chinese citizens from buying crypto on foreign exchanges so that local money may be kept in the country. Would China consider Binance a Chinese local business that may offer crypto services to locals? Or the Chinese officials would see Binance as a global crypto enterprise that shouldn’t provide its services to the local users? It’s difficult to say right now.
Ever since Chinese president Xi Jinping’s endorsement for blockchain technology, it appears that most citizens and local businesses are more than happy to embrace and adapt to blockchain. Due to the new change of direction imposed by the Chinese President, many negative social media posts have been removed from the local networks and a positive feeling for blockchain starts to grow in the country.
China seems to have changed its view about the blockchain and is now trying to encourage the technology hoping to attract major investments and foreign financial resources into the country. A list of more than 500 blockchain projects was released and multiple banks, commercial and financial institutions can be found on that list.
Binance is making immense progress all over the world, so why not in China. During a live Twitter session, Binance CEO Changpeng Zhao mentioned that the exchange processes more than a few billion dollars from user in China every day.
Of course, China is not the only country where Binance has made impressive progress. It’s also reported that ever since Binance U.S. opened its platform the average daily figures stand around $15 million.

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