As Binance left China in September 2017 in response to the country’s ban on crypto trading, now it has been analyzed that the exchange is looking for opening a new office in Beijing to accompany one operating in Shanghai.
As of press time, sources at Binance had not confirmed their plans to establish a new Beijing office but did say that there were a number of Binance employees currently operating in the Chinese capital.
However, the move follows a series of events indicating warming relations between the company and the country, where it was founded by Changpeng Zhao (CZ) in 2017 before its move to Malta.
It has been reported that in September 2019, Binance made its first major investment in China since leaving the country. However, the company took part in a $200 million round of funding for Chinese crypto and blockchain publication Mars Finance.
Crypto markets shook on October 25, following Chinese President Xi Jinping‘s announcement of support for blockchain innovation in the country.
Thus, on October 26, Bitcoin (BTC) reported daily gains of upwards of 36%, over 42% according to some exchanges, in what many saw as a result of Xi’s professed support.