Binance Academy has entered into an agreement with Shanghai’s local government to set up an office in the country. The initiative will reportedly be devoted to research blockchain technology in accordance with an October 24 statement from Xi Jinping promoting its use.
Binance Academy Establishes Physical Presence in Shanghai https://t.co/A1evynAysu#bitcoin #crypto #blockchain #btc #news #cryptocurrency pic.twitter.com/6fFrdwbQAG — CryptoNews (@betbybitcoins) March 27, 2020
On March 27, it has been reported by local news outlet TheBlockBeats and Changpeng Zhao (CZ), the CEO of Binance, that Binance Academy will establish the Lingang Blockchain Technology and Industry Research Institute in Shanghai’s Lingang special economic zone.
In other news, @BinanceAcademy reached a milestone agreement with the local government and will setup an office in Shanghai. The official signing ceremony just happened today. 👏🔶👏https://t.co/bgulAFnaA5 pic.twitter.com/Kjctjfu20Z — CZ Binance 🔶🔶🔶 (@cz_binance) March 27, 2020
However, the initiative is the result of cooperation with local organizations in the Lingang area and is set to promote China’s blockchain technology research and industrial application, as well as promoting talent training within China.
The research institute was established in response to a push from the Chinese government to develop blockchain technology, with Helen Hai, the head of the Binance Charity Foundation and Lead for the new institute, stating:
“In establishing the Lingang Research Institute with our local partners, Binance Academy endeavors to build a leading think tank and research hub that contributes to large-scale developments in blockchain technology.”
Likewise, Don Tapscott, the Founder of the Blockchain Research Institute in Canada, will be the honorary dean of the Lingang Research Institute.
Officially, the company is incorporated in Malta and has several branches around the world.
It has been analyzed that a statement from Maltese regulators in February claims that Binance was never regulated in the country. Local Maltese reporters claimed that its legal headquarters are in the Cayman Islands.
However, CZ often reiterates that Binance is a “decentralized organization” working from many locations across the world through heavy use of remote work.
https://t.co/9rMMAmc1G9 has always operated in a decentralized manner as we reach out to our users across more than 180 nations worldwide. As well as pushing the envelope in experimenting how to become a true DAO (decentralized autonomous organization). — CZ Binance 🔶🔶🔶 (@cz_binance) February 21, 2020
Also, in an interview, CZ said that he likes to “keep mobile” and being “able to live in a different city every month”, though he did not explicitly confirm that he regularly succeeds in doing so.
Moreover, Binance’s Lingang Research Institute is more likely to be similar to local branches such as Binance Singapore or Binance Jersey.
Thus, it is not an exchange and is unlikely to be the center of any business activity for the company.