Binance Is Planning To Open Its First Chinese Office In Beijing

The leading cryptocurrency exchange platform Binance is planning to open its Chinese office in Beijing. The Chinese entrepreneur Changpeng Zhao founded Binance doesn’t have an office in China yet, and rumors and anticipations regarding its Chinese office have been revolving around since its launch in 2017. 

The Malta-based cryptocurrency platform’s CEO Zhao is pretty famous in the business world as the world witnessed his potential through the company. Binance is one of the top cryptocurrency companies in the world with hundreds of cryptocurrency exchange services and other innovative ideas.  

The company added a peer-to-peer functionality regarding exchange for Chinese customers at the beginning of October. It resulted in the flow of “millions of dollars a day” through the platform.

Even though China is its biggest market, it could not build an office in China yet due to various reasons. Also, the Chinese government was not much encouraging the cryptocurrency in the country until recent times. However, President Xi Jinping recently had remarked on China’s blockchain ambitions. 

The renewed blockchain push has not only encouraged Binance but several other blockchain firms as well. The increasing number of investments in such firms in the last few months clearly predicts a robust future for the industry in China. 

Even though Finance is yet to build an office, it made its first investment in a Chinese crypto company, Mars Finance, in September 2019, and more investments are in the line. However, it cannot be counted as the Chinese government's influence on the company. 

Following Facebook’s cryptocurrency Libra, Binance is also buckling down to bring its own stablecoin named Venus. As part of the Venus Stablecoin Project, several Binance employees currently operating in the Chinese capital. Despite pretty innovative technology integration, Libra has been facing a lot of criticism, and may shareholders withdrew earlier this month. Binance’s Venus will be a tough competitor for Libra, according to blockchain experts.