{"id":117331,"date":"2019-11-02T10:50:32","date_gmt":"2019-11-02T10:50:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=117331"},"modified":"2019-12-07T16:09:56","modified_gmt":"2019-12-07T16:09:56","slug":"crypto-exchange-legalization-in-china-is-not-true-says-binance-ceo","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-exchange-legalization-in-china-is-not-true-says-binance-ceo\/","title":{"rendered":"Crypto exchange legalization in China is not true says Binance CEO"},"content":{"rendered":"<p>Binance CEO <a href=\"https:\/\/cryptoslate.com\/people\/changpeng-zhao\/\">Changpeng Zhao<\/a> has <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1190541882603888641\">clarified<\/a> that rumors circulating about the \u201clegalization\u201d of crypto exchanges is simply misleading.<\/p>\n<figure id=\"attachment_117334\" aria-describedby=\"caption-attachment-117334\" style=\"width: 1920px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-117334\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/cz_binance_tweet_1190541882603888641.jpg\" alt=\"crypto exchanges\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/cz_binance_tweet_1190541882603888641.jpg 1920w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/cz_binance_tweet_1190541882603888641-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/cz_binance_tweet_1190541882603888641-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/cz_binance_tweet_1190541882603888641-1024x576.jpg 1024w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><figcaption id=\"caption-attachment-117334\" class=\"wp-caption-text\">Crypto exchanges in China not &#8220;legalized&#8221; says Binance CEO (source: Changpeng Zhao Twitter)<\/figcaption><\/figure>\n<h2>Not a crypto exchange license but a generic business registration<\/h2>\n<p>On Oct. 30, an analyst claimed that a photograph of a cryptocurrency trading license issued by the Chinese government has leaked, indicating that crypto exchanges are allowed to operate within <a href=\"http:\/\/cryptoslate.com\/places\/china\">China<\/a>.<\/p>\n<p>However, Zhao and other investors based in China including Primitive Crypto founder <a href=\"https:\/\/cryptoslate.com\/people\/dovey-wan\/\">Dovey Wan<\/a> said that it is a basic generic business license containing the phrase \u201ctrading services\u201d and that it does not represent a crypto trading license for local companies.<\/p>\n<p>Wan said:<\/p>\n<blockquote><p>\u201cNot such thing as \u2018cryptocurrency exchange legalization\u2019 by a simple EDGAR equivalent registration and generic business license.&#8221;<\/p><\/blockquote>\n<p>She added:<\/p>\n<blockquote><p>\u201cLooking up Chinese EDGAR Database equivalence (screenshot attached) there are many \u201cdigital asset trading and service companies have \u2018registered\u2019 and \u2018licensed.\u2019 It\u2019s lacking a BASIC understanding of corporate law in China.\u201d<\/p><\/blockquote>\n<h2>China\u2019s blockchain initiative cannot be ignored but it is overhyped<\/h2>\n<p>The <a href=\"https:\/\/www.independent.co.uk\/life-style\/gadgets-and-tech\/news\/china-cryptocurrency-blockchain-bitcoin-a9176636.html\">blockchain initiative of China<\/a> is expected to solely focus on permissioned ledgers or blockchain networks that are centralized to a large extent, which are structurally different from existing public crypto assets.<\/p>\n<p>Considering that most major over-the-counter (OTC) trading platforms based in Hong Kong that are known to facilitate trades for investors based in China have offices in Beijing, the local government may not strictly crackdown on OTC desks in neighboring questions.<\/p>\n<p>Other than that, the blockchain initiative will <a href=\"https:\/\/www.reuters.com\/article\/us-china-blockchain\/beijings-backing-could-tip-scales-in-race-for-blockchain-supremacy-industry-figures-say-idUSKBN1X91K1\">primarily benefit blockchain-related businesses, developers, and government-supported organizations<\/a> in China, and as such, the narrative that the initiative would greatly benefit crypto in the short to medium term is likely to be overplayed.<\/p>\n<p>Wan <a href=\"https:\/\/twitter.com\/DoveyWan\/status\/1190392068184522752\">noted<\/a>:<\/p>\n<blockquote><p>\u201cChina\u2019s \u2018National Blockchain Initiative,\u2019 no matter what it ends up to be, digital RMB or what, is NOT a hoax. Will be a widely used and highly practical new form of financial infra. There will be an interesting partition of public vs \u2018Blockchain with Chinese characteristic.&#8221;<\/p><\/blockquote>\n<p>Still, industry executives argue that the <a href=\"https:\/\/cryptoslate.com\/chinese-president-states-blockchain-is-reshaping-the-global-economic-structure\/\">pro-blockchain stance shown by the government of China will place significant pressure<\/a> on the U.S. and other major regions to adopt similar policies, which could have a largely positive impact on the sector.<\/p>\n<p>DeerCreek managing partner Mike Wasyl told Fortune:<\/p>\n<blockquote><p>&#8220;China is making these very large macro plays. They want to maintain control and be seen as leaders and so adopting blockchain and being public about it, as we saw recently, is going to stir a lot of interest.&#8221;<\/p><\/blockquote>\n<p>Major crypto markets in Asia in the likes of <a href=\"http:\/\/cryptoslate.com\/places\/japan\">Japan<\/a> and <a href=\"http:\/\/cryptoslate.com\/places\/korea\">South Korea<\/a> have also started to adopt clearer regulatory frameworks to govern cryptocurrency exchanges, paving a pathway for long term growth for startups.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance CEO Changpeng Zhao has clarified that rumors circulating about the \u201clegalization\u201d of crypto exchanges is simply misleading. Not a crypto exchange license but a generic business registration On Oct. 30, an analyst claimed that a photograph of a cryptocurrency trading license issued by the Chinese government has leaked, indicating that crypto exchanges are allowed [&hellip;]<\/p>\n","protected":false},"author":187,"featured_media":117332,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,29],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto exchange legalization in China is not true says Binance CEO<\/title>\n<meta name=\"description\" content=\"Binance CEO Changpeng Zhao has clarified that rumors circulating about the \u201clegalization\u201d of crypto exchanges is simply misleading.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-exchange-legalization-in-china-is-not-true-says-binance-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto exchange legalization in China is not true says Binance CEO\" \/>\n<meta property=\"og:description\" content=\"Binance CEO Changpeng Zhao has clarified that rumors circulating about the \u201clegalization\u201d of crypto exchanges is simply misleading.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-exchange-legalization-in-china-is-not-true-says-binance-ceo\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-02T10:50:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-07T16:09:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/china-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joseph Young\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Joseph Young\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/crypto-exchange-legalization-in-china-is-not-true-says-binance-ceo\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/crypto-exchange-legalization-in-china-is-not-true-says-binance-ceo\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/#person\",\"name\":\"Joseph Young\",\"url\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/joseph-young\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/author-joseph-young.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/08\/author-joseph-young.jpg\",\"caption\":\"Joseph Young\"},\"jobTitle\":\"Analyst\",\"description\":\"Joseph Young is a finance and tech journalist. 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