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Binance is reported to offer trading services in China, although the country’s stock exchanges are banned

June 11, 2020

The main crypto exchange, Binance, seems to be delivering his Trading services to mainland Chinese customers despite local ban, According to a report released yesterday China National Radio or CNR.

According to CNR, Binance is CEO Changpeng Zhao, also known as CZ has advertised a website called “binancezh.com”. on her Weibo page.

Originally founded in China a few months before the 2017 local restriction that prohibits trading cryptocurrenciesBinance moved abroad shortly after the crackdown and is currently based in the Cayman Islands and the Seychelles.

Binance is reported to offer trading services in China, although the country’s stock exchanges are bannedBinance is reported to offer trading services in China, although the country’s stock exchanges are banned

As noted by 8btc, a local cryptocurrency news agency, “zh” could stand for the Mandarin word. “zhongwen” which means “chinese”. While the website allows visitors to choose from a dozen language options, seems to redirect to the Chinese version regardless of the language selected.

A Beijing-based CNR reporter reportedly able to register an account with binancezh.com after uploading ID documents and completing the face check via the mobile app of the exchange. Then apparently the journalist completed an exchange from Chinese yuan to BTC via the OTC counter (over-the-counter) of the exchange.

Binance told CNR that The exchange application is not available in the Chinese market Add that if “mainland China users are abroad or use foreign IDs for transactions, it is more difficult to identify them. “

As for binancezh.com, Binance stated that this was a “test site”. Mainly used by Egyptian residents and quotes data from the web traffic analysis company Alexa.

According to Alexa, almost half of the visitors seem to come from Egypt The United States and Hong Kong follow with 6.8% and 5.8%, respectively. However, an equivalent search result on SimilarWeb shows this Almost 80% of website traffic comes from China. while Egypt accounts for a modest 8%.

The who.is data shows this The website was registered by Alibaba Cloud Computing (Beijing) Co., Ltd. while the registrant’s status is the Cayman Islands.

“”Binancezh.com is a test site that we don’t advertise or market to the public ” A Binance spokesman told Cointelegraph.

Binance Chinese domain

Last month, Binance has officially registered a Chinese domain different (binance.cn) at the Chinese Ministry of Industry and Information Technology or MIIT. As CZ explained at the time, Binance’s Chinese dominance will initially focus on “Education and Technology”. instead of crypto exchange, which seems to be in line with China’s “blockchain before Bitcoin” policy.