Binance allegedly continues trade in China despite ban

Originally founded in China a few months prior to the local 2017 ban prohibiting cryptocurrency trading, Binance moved overseas soon after the crackdown and is currently headquartered in the Cayman Islands and Seychelles. Binance CEO Changpeng Zhao, also known as CZ, has been promoting a website called ‘binancezh.com’ on his Weibo page. 

While the website allows visitors to choose among a dozen language choices, it seems to be redirecting to the Chinese version no matter what language gets selected. Binance reportedly explained that it is a ‘test site’ used mostly by Egyptian residents, citing data from web traffic analysis company Alexa. A Beijing-based CNR reporter was allegedly able to register an account on binancezh.com after uploading ID documents and completing face verification via the exchange’s mobile app. The journalist then completed a Chinese Yuan-to-BTC trade over the exchange’s OTC (over-the-counter) desk. 

Binance told CNR that the exchange’s app is not available on the Chinese market, adding that if ‘mainland users are overseas or use overseas IDs for transactions, it is more difficult to identify them’, according to Cointelegraph.