Binance CEO announces plans of opening a new office in Beijing

As per the sources, Binance, a leading cryptocurrency exchange from Malta, is planning on establishing a new office in the capital of China, Beijing. The global cryptocurrency exchange currently has a mainland office in Shanghai, China.

Chinese regulators and authorities alike have recently started focusing on adoption of Blockchain technology in order to compete with the world in the league of digital assets, following President Xi Jinping’s statement that suggested the country “seizes the opportunity” and up its game in blockchain technology.

Binance, however, has not so far revealed the details about the purpose of the office or a date of launch.

Binance Leadership And Chinese Authorities Are In Regular Contact

The recent events have unfolded bearing warmth for the relation between Chinese authorities and the leaders of Binance. The exchange has previously published a report that highlights the plans of the Chinese government to launch a digital fiat currency in the upcoming year and take a step further towards global financial leadership. Changpeng Zhao, the Chief Executive of Binance took it to Twitter and remarked that with the People’s Bank of China working diligently for digitalization of the financial system, the future of the crypto industry in China seems to be in good hands.

According to the crypto market analysts, the events are particularly noteworthy considering only a year ago, Binance’s website was blocked by the Great Firewall of China (GFW).

Binance Announced A Stablecoin Project By The Name Of Venus

Binance executives are currently working on sustainable development and promotion of the crypto industry. It has recently announced a stablecoin project that it is calling “Venus”. The project aims at giving the right of cryptocurrencies’ supervision to the governments to ensure stable, more regulated operations.

The financial experts have also appreciated Binance’s contribution to the crypto market at large, considering that it is fairly new and had made its initial investment in Mars Finance (Chinese crypto company) only a year ago in September 2018. Chinese investors were the first ones to have taken an interest in the Malta-based cryptocurrency exchange including the likes of Funcity Capital, and Blackhole Capital.

Chief Executive Zhao applauded the Chinese users on Twitter, highlighting that they account for a total volume of a few million dollars per day for Binance. Following the launch of peer-to-peer functionality earlier this month in China, the volume is expected to increase further in the future.

He further commented in a Twitter video that all of the collaborations with the Chinese regulators and authorities to serve the people of China have been announced publicly. There is no confidential project currently in the pipeline.