February 8, 2023

Changpeng Zhao called disinformation reports on the legalization of cryptocurrency exchanges in China

Changpeng Zhao, CEO of cryptocurrency exchange Binance, called the disinformation that appeared on the network reports that the Chinese authorities allegedly started legalizing cryptocurrency exchanges.

One Twitter user Crypto Even saidthat he had at his disposal a photo of a real "license of the People’s Republic of China for cryptocurrency trading." According to him, this supposedly means that the process of “legalization of cryptocurrency exchanges” has begun in China.

“Even if this document is genuine, it’s onlybusiness registration confirmation. This is not a stock exchange license. Any company in China has one. “Trading services can mean a lot of things,” Zhao said.

As explained by the partner of the Primitive fund, Davi Wang(Dovey Wan), "There is no such thing as a cryptocurrency exchange license in China." In the Chinese register of legal entities, many companies are registered that have been “licensed” and provide services in the field of digital assets. ”

Following a statement by President Xi Jinping,which called for speeding up the introduction of blockchain in the country, a lot of news came from China related to the development of initiatives in the field of blockchain. This also triggered an increase in the cost of “Chinese” cryptocurrencies. However, media controlled by the local authorities urged residents of the country not to perceive blockchain support as support for cryptocurrencies, operations with which are still banned in China.

Also this week, the vice chairmanChinese Center for International Economic Exchange (CCIEE) Huang Qifan said the People’s Bank of China will be the first to issue state cryptocurrency in the world.