CZ on Binance’s new Chinese dominance: „Let’s focus on technology first“
Binance, the world’s largest crypto currency exchange and owner of the CoinMarketCap crypto currency pricing website, is approaching one of the world’s most crypto-sceptic jurisdictions, China. After leaving the country in the midst of a nationwide ban on crypto currencies in 2017, Binance has now officially registered a Chinese domain.
Binance.cn, Binance’s new Chinese domain, has been registered with China’s Ministry of Industry and Information Technology (MIIT). According to MIIT public data, the new domain was approved by the state authority in early April 2020.
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Binance.cn domain details on the MIIT
„Let’s focus first on education and technology“
Specialized in providing crypto coin trading services, the Binance platform markets large quantities of crypto coin as Bitcoin (BTC). At the close of this edition, Binance’s daily trading volume is USD 6 billion, according to Coin360 data. However, Binance’s new Chinese dominance will not be about crypto currencies in its initial stage, says the firm’s CEO, Changpeng Zhao, or CZ.
In a May 19 tweet, CZ emphasized that the main focus of Binance’s new Chinese website would be education and technology. Binance’s CEO wrote:
„One step at a time. Let’s focus on education and technology first.
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The CZ tweet came in response to Dovey Wan, co-founder of Primitive Ventures, who suggested that the Binance.cn website would focus on blockchain-related content such as technology development, research and consulting, Binance Chain and others. On the home page, the new website describes „Binance China“ as „the world leader in creating blockchain ecosystems.
Binance.cn aligns with China’s „blockchain, not
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Binance’s new Chinese website fits perfectly into China’s overall „blockchain, not Bitcoin“ strategy. Since China’s President Xi Jinping urged the country to accelerate its adoption of blockchain in October 2019, state authorities have been explicit in emphasizing that the endorsement does not apply to crypto currencies such as Bitcoin. As such, a local court ruled that Bitcoin cannot be protected by Chinese law on May 13.