Binance will open an Office in Beijing after Xi’s Blockchain Endorsement

CryptoPlanet
Nov 2 · 2 min read
Binance will open an Office in Beijing after Xi’s Blockchain Endorsement
Binance will open an Office in Beijing after Xi’s Blockchain Endorsement

When Binance was created, it has its headquarters in China. However, the company moved out of China shortly after the Chinese government announced that it planned to ban crypto trading in the nation. This forced the exchange to find a new home in Malta, where it has continued to flourish under the nation’s favorable cryptocurrency and blockchain laws.

A few months after that, China kept its promise. It blocked hundreds of crypto exchanges both inside and outside of China. Due to the operation, Bitcoin trading using the Yuan fell by 99%. However, Binance may now be looking to re-establish itself in China due to the favorable conditions that appear to be opening up.

The Binance exchange might soon open up an office in Beijing, in response to recent positive statements and actions by China. It is not clear when they will move to China or what the purpose of such an office is going to be.

One possible reason why the exchange might move back to China is that it may be working with the Chinese government on its Venus blockchain project. The exchange launched the Venus project at the start of this year. This project aims to help various nations launch their own stablecoins.

The project, which seems to be a response to Libra, could help to improve financial access to scores of people around the world. Binance also made a major investment in Mar Finance recently, although the exact amount was not revealed. Mar Finance is a data and media firm that is based in Beijing.

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