Cryptocurrency exchange Binance, which is headquartered in Malta, is opening a new office in Beijing in addition to the mainland office that the exchange currently has in Shanghai. The news came in a report from CoinDesk, citing two sources “with knowledge of the matter.”
While neither a timeline for when the office will be opened nor exactly what purpose the office will serve has been established, the office’s opening seems to come at a particularly strategic time for Binance. Late last week, President of the People’s Republic of China Xi Jinping remarked that blockchain would be an important part of China’s future.
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On the same day, Binance CEO Changpeng Zhao tweeted about his observation that statements that have been made by political figures in China (namely, the 2016 Chairman of the Central Bank of China) have been a positive thing for the industry in the past, possibly pointing to a belief that China’s stance on blockchain technology is an important influencing factor in the global cryptocurrency ecosystem.
Today, President Xi Jinping stated strong support (or necessity) for blockchain development by China.
Not making any predictions, draw your own conclusions.
We are still here.
— CZ Binance (@cz_binance) October 25, 2019