Binance Crypto Exchange Gets Approval for Chinese Domain; Focus is on Tech and Education
Binance has acquired a Chinese domain name, following approval by authorities back in April.
The newly registered, binance.cn, was given the go-ahead by China's Ministry of Industry and Information Technology. This development will see Binance expand its tech and education services into the Chinese market as opposed to the platform's services.
In a recent tweet confirming this milestone, the exchange's CEO and popular crypto figure, Changpeng Zhao (CZ) highlighted they will be taking one step at a time:
“One step at a time. Let's focus on education and technology first.”
According to public records on this registration, the binance.cn domain falls under a company dubbed ‘Shanghai Bi Nai Shi Information Technology LLC'. Notably, the pronunciation is similar to ‘Binance' in Chinese.
ChainNews, the crypto media outlet which first reported on this development, noted that the firm has one legal rep going by the name, Junxi He.
Binance Expands Blockchain Tech & Education to China
While most expected the launch of a crypto exchange, Binance seems to have taken a more conservative approach with China's prospective market. The new website touts the firm as the global leader in blockchain development.
It goes on to further state that Binance aims to equip China's blockchain market through consulting, investment, development charity, and research. Also included is a section of guiding blogs meant to help crypto newbies and veterans navigate finance, cryptography, and blockchain.
Just recently, Binance had pioneered a research institute in China with a focus on blockchain tech. This was initiated under the firm's non-profit education subsidiary, Binance Academy, and is expected to be another growth factor in the new binance.cn domain.