Binance exchange China return comes as a surprise to many crypto enthusiasts from across the globe. The crypto trading platform left the Chinese market in 2017. The return will see the platform steer away from trading activities but instead “help in researching and promoting blockchain in Asia and beyond”.
Binance crypto exchange has been preparing for the return with reports showing that it already has a running website with local domain. Binance.cn, a portal is registered by the local authorities. Registration was done in April but registered under Shanghai Benais Information Technology Co. Ltd.
Rushed Binance exchange China return
The companies associated with Binance exchange China return appear to have been registered in the last four months. Benais which has only one shareholder He Junxi was registered on February 25. The shareholder also owns Shanghai Bonesh Information Technology registered on February 24. Junxi has another company under the name Shenzhen Bernasi Technology development Company that was created around March.
It might look like all these company names sound like ‘Binance’ on the surface. However, the crypto exchange has distanced itself from crypto trading but shifting focus to blockchain developments and promotion. According to the new Chinese website says Binance Chine “is the leading blockchain ecosystem builder and a leading enterprise on the blockchain industry”.
Technology gap: reason for Binance exchange China return?
Binance Head of PR says that the Chinese registered website is for the platforms Lingang Blockchain technology and their affiliate research institute (Lingang Research Institute) which was also established in March.
The institute’s vision is to be the hub for industry breakthroughs and talent development. It will play a major role in driving technology use in big data, Artificial Intelligence (AI) as the Internet of things (IoT) among other emerging technologies. It will also act as a resource center for academic research.
However, industry observers see the Binance exchange China return as well as calculated to cash in on the current Chinese government’s quest to explore the potential of blockchain. This comes into light after the local authorities announced the development of a digital Yuan based on blockchain.