Leading cryptocurrency exchange, Binance is back to China after leaving the country in 2017 due to the ban on crypto trading activities. However, the exchange’s return to China is not for crypto. It is to promote blockchain research and development in the region and across the world.
“Binance China” Platform Goes Live
Local media reported yesterday that Binance has officially launched a Binance China website. The domain name was registered with the Chinese government as “Binance.cn” in April under the company name Shanghai Benais Information Technology Co. Ltd.
Shanghai Benais was established on February 25 with He Junxi as its sole shareholder. Junxi is also the owner of “Shanghai Bonesh Information Technology Co., Ltd.,” a new company created on February 24. He Junxi also has investments in a third company called “Shenzhen Bernansi Technology Development Co., Ltd.,” which was registered in March. According to the reports, the Chinese names of these three companies sound similar to Binance.
Promoting Blockchain Development
Binance, China is focused on promoting the adoption of blockchain technology. The homepage of Binance.cn states that Binance China is a leading blockchain ecosystem builder and a leading enterprise in the blockchain industry.
The Head of PR at Binance told CryptoPotato that the Binance.cn website is for its Lingang Blockchain Technology and Industry Research Institute (Lingang Research Institute) that was established in March.
The Lingang Research Institute aims to become a “hub for blockchain talent, shaping for breakthroughs in blockchain technology, and accelerating the application of blockchain technology through integration with artificial intelligence (AI), big data, the Internet of Things (IoT), and other cutting-edge technologies.”
The institute will provide resources for academic research while fostering blockchain talent and providing professional development courses, technical and enterprise skills training, and consulting services.
Binance China’s business scope currently comprises of blockchain technology development, research and consulting, startup project incubation, blockchain academy, blockchain talent service, Binance chain, blockchain charity, and blockchain industry investment.
China’s Growing Interest In Blockchain
Binance’s return to China through a blockchain approach is seemingly a smart move from the company, considering that the country is more open to the adoption of blockchain technology than digital currencies.
In October 2019, the Chinese President, Xi Jinping, urged the country to increased its usage of blockchain as the tech plays a “critical role in technology innovations and industrial revolutions.”
Shortly after the President’s endorsement, China revealed that it would boost its blockchain investment with over $2 billion in 2023.