Say it aint so, Binance!
Despite China’s notorious history with cryptocurrency, it looks like one of the biggest players in the space – Binance – has been getting cozy with them. According to a recent report by Chinese media outlet, Caijing, Binance has been keeping the ties that bind while reminding the rest of us of the illegality of the trade of cryptos in the country.
What on Earth is Going On?
It appears that Binance has partnered with two Chinese companies to support its development in the country. Even though cryptocurrency trading is technically prohibited, Binance has managed to allegedly keep its firm presence in the mainland by taking precautions such as:
- Changing the user interface: apparently, Binance tweaked its existing offering to make it look more like a traditional asset-management platform, rather than the usual crypto exchange
- Introducing C2C trading: that way, people could trade cryptos directly with each other, instead of trading with Binance
- Support for fiat currencies: users have the option to use Beijing-based payment companies to buy digital assets with yuan
Wait, Haven’t We Been Here Before?
It’s true! Earlier this year, the CEO of Binance, Changpeng Zhao, was practically chased out of China with pitchforks and torches, after suggesting plans to roll out crypto ATMs in the country. A few weeks later, the company opened up a new office in Shanghai, only to be raided by the police. So now, it seems that Binance is trying out a gentler approach to the Chinese crypto market – a “if you can’t beat ‘em, join ‘em” kind of thing.
What’s Next for Binance?
It’s anyone’s guess what the future holds for Binance, but it looks like the company is willing to go to great lengths to gain access to China’s highly sought after markets. Despite the risks associated with operating a crypto business in China, it seems that Binance is still determined to find new ways to reach out to potential customers.
Will their latest strategy pay off? We’ll keep our eyes on the news and find out!
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