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Crypto exchange Binance eyes Beijing for new office following China’s blockchain push: Report

Fri, 01 Nov 2019, 10:14 am UTC

Following the recent endorsement of blockchain technology by Chinese President Xi Jinping, cryptocurrency exchange Binance is reportedly going to open an office in Beijing.

Two anonymous sources familiar with the matter told CoinDesk that the new office will join the company’s current mainland China office located in Shanghai.

While China is going big on blockchain and even banning articles that say blockchain technology is a scam, the country still has restrictions on cryptocurrencies in place. Last year, access to the Binance’s website was blocked by China’s censorship firewall.

That said, it is currently not clear as to what Binance CEO Changpeng Zhao’s plans are with the new office.

In September, Binance made an investment in Chinese crypto and blockchain-focused news portal, Mars Finance. It marked Binance’s first strategic investment in China.

In a Twitter video, Zhao recently said that the exchange is seeing rising trading volumes from Chinese users, particularly following the launch of the peer-to-peer functionally, available only for iOS users, last month.

“We can expect more things to happen from China,” Zhao said, adding that a lot of blockchain projects have become much more active in the country now. “Luckily, thanks to that, our China p2p volume has grown tremendously…we are seeing like a “few million dollars a day” in trading volume on average…”

He further said that he expects the trading volume from Chinese markets to be high. Zhao said the China p2p platform currently supports four cryptocurrencies – BNB, BTC, ETH, and USDT.

He believes China will move “very strong” in the sphere of blockchain. He said:

“I don’t have anything that’s not public…I don’t have any private information…All of my readings are from public sources.”

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