Posted 11 months ago | by Ben Armstrong
Binance Launches Chinese Domain – Will Feature Education and Technology
China’s Ministry of Industry and Information Technology has approved Binance’s new Chinese website. After leaving China, which is one of the most crypto-skeptical jurisdictions in the world, Binance is back in the Middle Kingdom.
Binance’s new Chinese domain has been registered with China’s Ministry of Industry and Information Technology (MIIT), and is named Binance.cn, after being approved by the state authority in early April 2020, according to public data from the MIIT.
Binance.cn to Focus on Education and Technology
Binance is known as the largest cryptocurrency exchange globally. It facilitates trade in massive amounts of cryptocurrencies like Bitcoin (BTC). The trading volume on the exchange amounts to more than $6 billion USD per day according to data from Coin360.
However, Binance’s new Chinese domain, will not focus on cryptos, as they are still banned in China.
On May 19, The firm’s CEO Changpeng Zhao (CZ) outlined that the main purpose of Binance’s new Chinese website would be education and technology through a tweet, which replied to Dovey Wan, who is co-founder of Primitive Ventures.
The message suggested that Binance.cn would be mainly dedicated to blockchain-related content like tech development, research and consulting Binance Chain, and others.
“One step at a time. Let's focus on education and technology first.”
Binance Comes in-line with China’s Blockchain Goals
The China state authorities have been explicit in emphasizing that the endorsement does not apply to cryptos, such as Bitcoin.
Since President Xi Jinping called for the country to speed up adopting blockchain technology back in October 2019, there has been a big push into all things blockchain. Binance’s new Chinese website now completely fits into China’s overall “blockchain, not Bitcoin” strategy.
The real question now is – How long can China resist pressure from other nations who are demanding greater transparency?
As developed nations reshore operations from China, the Chinese Communist Party will likely struggle with a domestic population that isn't going to accept heavy handed policies without a vibrant economy.