Based in Malta, Binance opens an office in Beijing, told CoinDesk two sources knowledgeable about it. The new outpost will join Binance's current mainland China office in Shanghai.
It is unclear exactly what the office will do or when it will open, but this decision follows many announcements by the Chinese authorities, including President Xi Jinping, exposing China's new blockchain ambitions.
Relations between Binance management and the Chinese authorities appear to have warmed recently. The stock market has published a report on Chinese projects in favor of a digital fiduciary currency during the summer. Binance CEO, Changpeng Zhao, said this week on Twitter that he thought the Chinese central bank positive impact on the cryptography industry. This comes just a year after the Chinese censorship firewall blocked access to the Binance website.
These days, Binance's executives have publicly stated that the stock exchange is working with many governments on an upcoming Stablecoin project called Venus. Binance co-founder and chief marketing officer, Yi He, told Bloomberg that Binance would help governments "fully oversee" the cryptocurrency industry through such projects to ensure a "stable and sustainable development".
Although Zhao grew up in Canada, he was born in China and worked for the China-based OkCoin exchange before founding his own empire. Binance made its first investment in a Chinese cryptographic company, Mars Finance, last September. Many of the first investors in the stock market come from China's technology sector, including Black Hole Capital and Funcity Capital.
Zhao added Since Tuesday, via Twitter, Chinese users of Binance receive "a few million dollars a day," especially through the peer-to-peer feature available in China earlier this month. However, placing more emphasis on serving Chinese users does not necessarily mean that the company is working with the authorities for products or services that go beyond the Venus Stablecoin project and compliance efforts.
"I have nothing that is public," Zhao said on Twitter. video, referring to the Chinese government's strategies, adding:
"All my readings are from public sources."
CoinDesk has asked Binance to comment and will update the article if we have any news.
Wolfie Zhao contributed to the report.
Image of Binance General Manager Changpeng Zhao via CoinDesk Archive