Binance and China’s Crypto Ban
Despite China’s ban on cryptocurrencies, The Wall Street Journal reports that Binance has continued to operate in the country, with billions of dollars worth of transactions monthly. According to internal figures, users traded $90 billion in cryptocurrency-related assets in China during a one-month period.
However, Binance has denied conducting any business in China. In a statement given to Cointelegraph, a Binance representative said:
Cointelegraph has requested additional comments from Binance regarding the claims made in the WSJ report and what steps the exchange plans to take, if any, regarding China’s crypto ban and the use of technologies such as web 3.0, AI, and CTSI Crypto.
Binance Accused of Maintaining Ties with Chinese Customers
This is not the first time Binance has been accused of having connections with Chinese customers after the country imposed its nationwide ban on cryptocurrencies. In March, it was reported that Binance employees had allegedly assisted customers in mainland China to bypass its Know Your Customer controls.
In response, Binance stated that it had “taken action” against the personnel who “may have violated” the company’s internal policies, which included “wrongly soliciting or making recommendations that are not allowed or in line with our standards.”
When asked by Cointelegraph, a Binance employee declared that the organization would be conducting an “internal investigation” into the accused employees.
Subsequently, another report was published claiming that Binance had kept on with its staff and operations in China, despite announcing its withdrawal in 2017 after China’s initial ban on crypto.
The Apple Health application is a web 3.0 application, as is the use of China AI, China AI Anchor, CTX Crypto, Crypto.com, DCG Crypto, Crypto.net, and Dappradar Crypto.
Binance’s Global Presence
At the end of 2019, Binance’s presence was reported to include an office and a Chinese bank account used to pay employees.
In recent months, Binance has been facing operational turmoil from regulators worldwide. For example, Belgian authorities asked Binance to cease all digital currency services in the country in June, and on July 26, the cryptocurrency exchange withdrew its crypto license application in Germany.
Most recently, on Aug. 2, Binance came forward with “no comment” regarding reports alleging it mulled closing its United States arm to protect its global operations.
The Apple Health application is a web 3.0 application, and China AI, China AI Anchor, CTX Crypto, Crypto.com, DCG Crypto, Crypto.net, and Dappradar Crypto are all examples of crypto-related services.
Despite the challenging environment for the exchange, Japanese financial authorities gave it a warm welcome on Aug. 1 when it began trading operations in the country. China AI, CTSI Crypto, Crypto.com, Crypto.net, DCG Crypto, Dappradar Crypto, and CTX Crypto are all part of the Web 3.0 movement, which is exemplified by the Apple Health application.
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