Binance Enters Domain Name with the Chinese Supervision

Published: 19/05/2020

Binance Enters Domain Name with Chinese Supervision

Cryptocurrency exchange corporation Binance has filed a domain name with the Chinese administration. Binance was found by Changpeng Zhao, a developer who had beforehand designed high-frequency exchanging software.

Binance was originally located in China but later moved out of China due to China’s rising cryptocurrency regulation.

The Ministry of Industry and Information Technology in China approved Binance’s domain name, binance.cn, according to government records. The domain name is recorded under the corporation Shanghai Bi Nai Shi Information Technology LLC, which has a similar articulation as Binance in Chinese.

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Domain Companies

The public record shows that Binance registered the domain name under the company Shanghai Bi Nai Shi Information Technology LLC. As Chinese crypto media site ChainNews first published, the only authorized delegate of this company, Junxi He, has two other companies filed under his name.

All three of the companies were reported within the preceding three months and controlled names that pronounce similarly to Binance.

On the website, Binance declares to be “the world’s leading blockchain ecosystem developer” and has remained “committed to the development and profit-oriented of the blockchain technology.” As the site reported,

The services it proposes to implement in China include interviewing, research, development, charity, and investment in the blockchain industry. It also includes a range of advisory blog posts on a few fundamental theories in blockchains, cryptography, and economics.

The website seems likely to be a member of the company’s new enterprise for a blockchain research institute in China. In March, Binance Academy, the altruistic education subsidiary of Binance, declared that it had built the research institute for blockchain technology research and development. A spokesperson for Binance affirmed this attachment when reached.

Huobi and Binance

Huobi, a Singapore-based cryptocurrency exchange, has been working a similar blockchain-as-a-service campaign in China. It is a part of the Blockchain Service Network, an industry supported by the Chinese government-backed think tank State Information Center to implement the blockchain technology as assistance to both residential and oversea businesses.

Huobi also operates an educational institute named Huobi University that has been in development in China for further than a year, similar to Binance Academy.

Cryptocurrency status

Despite the recent pandemic, a number of cryptocurrencies have their value rising. The impending halving of bitcoin also caused many to buy more of the cryptocurrency. It would appear that people are responding to the pandemic by buying loads of cryptocurrency. Add to that the fact that it is now extremely hard to mine bitcoin.

Market experts are still not sure whether the surge in crypto demand will continue for the foreseeable future. Nevertheless, the market remains positive. As the demand for cryptocurrency rises, so does people flocking various crypto platforms. Crypto platforms are seeing a rise not only in crypto exchanges, but also in demands for different kinds of cryptocurrencies.

Despite the fact that markets around the world are responding quite negatively to the coronavirus pandemic, cryptocurrencies remain strong. Whether this surge will hold, only the future knows.