Binance Signals Renewed Interest in China

Asia Blockchain Review
October 4, 2019
Binance Signals Renewed Interest in China

Recent news that Binance is making investments in China again for the first time since the country’s crypto trading ban in 2017 has led to speculation that momentum in the crypto industry may be shifting back to China.

Binance Backs Crypto Media Firm

According to a Cointelegraph report, the exchange operator recently announced its participation in the funding round for Mars Finance, worth approximately US$200 million. Headquartered in Beijing, Mars Finance is a crypto/blockchain media company that also received funding from major corporates including OKCoin, Huobi, and IDG Capital.

Though the Chinese government has not loosened any crypto regulations, some experts like Bibox Co-Founder Aries Wang see that Binance is looking to tap into the Chinese market. 

Binance is looking to recover the engagement and interest of its Chinese community. Nowadays, most mainland China crypto traders would favor other large exchanges such as Huobi so in making this move back to China, I think Binance is looking to address the fact that they’ve seen a reduction in Binance’s power and influence in the Chinese market,” said Wang.

Possible Approval from the Chinese Government

On the other hand, Kyle Asman, Founding Partner at BX3 Capital, told Cointelegraph that Binance has been communicating with the Chinese government regarding its strategic move.

“Binance is working closer with the Chinese government than anyone might imagine,” said Asman. “China needs to develop a digital payments alternative, as the powers that be there see that trend as something the rest of the world is doing: they don’t want to be left behind and want to have a horse in the race.”

Source: https://cointelegraph.com


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