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Binance Accused by Chinese State Media of Operating Cryptocurrency Exchange in China

Chinese state media has reported that Binance is still supporting local users trading cryptocurrency, despite China banning all exchanges in 2017.

According to a report by Chinese state media CCTV, a journalist in Beijing was able to create an account on Binance’s Chinese platform (binancezh.com) and immediately have access to Bitcoin and cryptocurrency trade.

The journalist reports that they were able to easily register for an “individual” account on the website, upload all their identity documents and complete the facial recognition verification via Binance’s mobile app, with no difficulty.

The report states that the journalist then went on to purchase some Bitcoin on Binance’s peer-to-peer (P2P) platform without any issue, exchanging fiat currency with a counterparty. They then received an official notification from Binance that the transaction was completed.

Binance responded to CCTV and claims that its app cannot currently be downloaded in China and its website is inaccessible. A Binance spokesman also said that binancezh.com is just a test site and is mainly accessed by users from Egypt.

China and Cryptocurrency Exchanges

In 2017, China officially banned all cryptocurrency exchange activities within its borders. The ban, which was announced in September 2017 made it illegal for Chinese mainlanders to exchange digital money unless they operated offshore.

Which is precisely where they went. Huobi stopped all bitcoin trading in mainland China and have moved to Singapore, Hong Kong, and South Korea – they now operate globally. Shanghai-based BTCC also stopped trading and Binance moved Taiwan.

However, Chinese citizens can still buy crypto via peer-to-peer (P2P) platforms or over-the-counter (OTC) trading desks,. Last October, Binance also launched its P2P platform in China, enabling users to buy crypto via Alipay and WeChat. Alipay, however, later that said it doesn’t support crypto transactions.

Ripple Sees 1760 Percent Increase in Institutional Over-the-Counter Sales of XRP in Q2 2020

Ripple reported an increase in over-the-counter (OTC) sales of its XRP cryptocurrency in the second quarter of 2020, totaling $32.55 million, compared to $1.75 million in Q1 2020.

Ripple’s quarterly report is released to provide transparency and regular updates on the company and views of the state of the XRP market.

Ripple continued the pause of its programmatic sales, however, its institutional direct sales on over-the-counter sales to increase liquidity of XRP to RippleNet’s on-demand liquidity (ODL) customers has been its core focus.

Ripple has increased its total sales as a percentage of total volume from 0.006 percent to 0.18 percent, totaling an increase of 3000 percent.

Although Ripple has increased its institutional OTC sales in Q2 compared to Q1 of this year, in comparison to the same period last year, the current sales are 70 percent less. Total XRP volume also fell, from 29.68 billion in Q1 to $17.86 billion in Q2 2020.

XRP’s volatility was 3 percent in Q2, a notable decrease from 6.2 percent in Q1. XRP’s volatility in Q2 was lower than Bitcoin (3.4%) and Ethereum (4.2%).

Ripple also revealed that the company has been purchasing XRP in the secondary market:

“A healthy, orderly XRP market is required to minimize cost and risk for customers, and Ripple plays a responsible role in the liquidity process. As more financial institutions leverage RippleNet’s ODL service, more liquidity is added into the XRP market. That said, Ripple has been a buyer in the secondary market and may continue to undertake purchases in the future at market prices.”

Ripple further noted various key integrations of XRP, including Binance, which has launched an exchange-traded options contract, and Huobi XRP perpetual.

One of the largest telecommunications providers in Europe, Swisscom Blockchain, successfully launched XRP on its platform, enabling access to the XRP Ledger for enterprises for a variety of use cases. The first fully regulated crypto bank, Sygnum Bank, added XRP to its custody solution and financial platform. Uphold, a mobile payments startup also completed the integration of XRP into its wallet.

The company believes that these integrations helped contribute to the “health of XRP markets.”

Coinsfera Enables Users to Trade USDT in UAE through OTC

Coinsfera, the global over-the-counter(OTC) digital asset trading platform, announced that it allows users to buy or sell stablecoin USDT in Dubai over OTC.

Users can now purchase or sell USDT in cash directly by visiting the Coinsfera crypto OTC desk without the need for a bank account or credit card.

Coinsfera is an exchange for buying and selling cryptocurrency with cash in Istanbul of Turkey, Dubai of UAE, Kosovo of Prishtina, and so forth.

Due to the recent market volatility, crypto investors are largely looking to sell their holdings of BTC, Ethereum, and other cryptocurrencies and buy USDT to keep their assets in a stable currency and avoid market volatility.

Tether (USDT) is a cryptocurrency with a value meant to mirror the value of the U.S. dollar.

Users can contact Coinsfera via Whatsapp or phone, and a staff member will arrange a meeting. This service is available across the UAE.

This is a big deal because it opens up a whole new world of possibilities for those who want to capitalize on cryptocurrency profits.

According to the exchange, customers only need to bring their ID or passport to use Coinsfera’s services. Tourists only need to bring their passports to buy/sell USDT at the OTC counter.

Instead of buying Bitcoin or Ethereum first, they can sell USDT directly for cash. This will be especially helpful for those who want to use cryptocurrencies for local payments or remittances.

With Tether, they will be able to avoid the high fees associated with traditional banking methods.

Dubai is more than just a well-known tourist destination in the world but also aspires to be the global financial centre in the Middle East. Dubai comes off as one of the latter with the slew of licenses being granted to cryptocurrency exchanges. As reported by Blockchain.News, OKX, one of the leading crypto exchanges in the digital currency ecosystem, is one of the latest in the industry that has just been given the green light to operate in Dubai.

OKX Liquid Marketplace Records Over USD1 Billion in Institutional Trading Volume in 2023

Victoria, Seychelles, April 6th, 2023, Chainwire

On-demand institutional liquidity network offers futures spreads, options strategies and spot OTC
Rapid growth underpins OKX’s emphasis on product development specifically for institutional clients

OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today announced that its Liquid Marketplace, an on-demand liquidity network tailored for institutional traders, exceeded USD1 billion in trading volume in 2023.

The on-demand OKX Liquid Marketplace provides access to deep institutional liquidity and provides access to a number of crypto trading strategies, including futures spreads, large options block trades or spot OTC, to run at scale. One-click atomic execution of both legs allows traders to easily execute efficient and low-risk spread trading to farm funding rates, generate yield via cash-and-carry trades, and roll expiring futures hedges.

Lennix Lai, Managing Director of Global Institutional at OKX, said: “Institutional clients demand liquidity, superior fee structures, and streamlined execution of advanced trading strategies. We’ve designed our Liquid Marketplace to hit this sweet spot, and the market is responding. Our aim is to become the go-to venue for institutional traders by listening to their needs and leveraging our technical expertise, creativity and product design to build the best platform for their needs.”

OKX Liquid Marketplace overhauls the traditional RFQ process by automating workflows, offering an integrated position builder and enabling anonymous RFQs with two-way quotes. Users can construct custom multi-leg strategies and request quotes on futures spreads and basis trades with the click of a button. The platform also offers leading security underpinned by end-to-end connectivity with OKX’s risk management and settlement system.

The growth of the OKX Liquid Marketplace has occurred against the backdrop of OKX’s global expansion, which has seen it reach 50 million global users.

Find out more about OKX Liquid Marketplace here.

About OKX

OKX is the second biggest global crypto exchange by trading volume and a leading web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for investors and professional traders everywhere.

As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.

Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.

Contact

MediaOKXmedia@okx.com

SEBA Hong Kong Gains Preliminary Approval for Crypto-Related Services

SEBA Hong Kong, a subsidiary of Swiss-based SEBA Bank AG, has been granted an “Approval-in-Principle” (AIP) by Hong Kong’s Securities and Futures Commission (SFC). This preliminary approval positions SEBA Hong Kong to become one of the first licensed corporations in the city to offer crypto-related investment services.

Regulatory Green Light for Crypto Services

The AIP allows SEBA Hong Kong to proceed with its license application for conducting regulated activities in the city. The scope of the license includes dealing in securities and virtual assets-related products such as OTC derivatives and structured products. Additionally, the firm is authorized to advise on securities and virtual assets and manage discretionary accounts in both traditional and digital assets.

“The AIP marks a significant leap forward in SEBA group’s mission to secure the future of the global crypto economy and, in turn, validates SEBA Hong Kong’s position in the market as a trusted and regulated partner,” said Franz Bergmueller, Group CEO of SEBA Bank.

A Strategic Move in Asia Pacific

The AIP is a crucial step in SEBA Hong Kong’s broader Asia Pacific strategy. The firm aims to offer wealth management, investment, and advisory services with the security and customer experience that accompanies a regulated institution. “This AIP signifies that all our efforts are heading in the right direction,” commented Amy Yu, CEO APAC of SEBA Hong Kong.

Aligning with Global Regulatory Standards

SEBA Bank already holds licenses from Swiss regulatory body FINMA and Abu Dhabi’s Financial Services Regulatory Authority (FSRA). The Hong Kong AIP “significantly extends our global regulatory footprint,” Bergmueller noted.

Market Implications

The move is indicative of Hong Kong’s growing role in the global crypto economy and sets a precedent for regulatory standards in the digital asset space. “We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader,” said Yu.

SFC’s Comprehensive Virtual Asset Framework

The SFC has been a pioneer among major jurisdictions in establishing a comprehensive regulatory framework for virtual assets, commonly referred to as cryptocurrencies. Under the guiding principle of “same business, same risks, same rules,” the SFC aims to regulate various virtual asset-related activities. These include the operation of virtual asset trading platforms, fund management, and advising or dealing in virtual assets. The regulatory body’s approach aims to balance investor protection, market integrity, and risk management for financial institutions.

Zhao Dong's Conviction Highlights China's Stance on Cryptocurrency and Foreign Exchange Regulation

The over-the-counter (OTC) cryptocurrency trading desk RenrenBit was founded by Zhao Dong, who is notoriously known as the “OTC King.” Zhao Dong was found guilty in China of the charges against him. In the context of China’s increasing crackdown on criminal operations using cryptocurrencies, this conviction is a major event that has taken place. In the course of his actions, Zhao was involved in the facilitation of cryptocurrency and local currency trading, which is considered to be unlawful in the nation.

An in-depth investigation that dug into sophisticated financial dealings led to the conviction of the defendant. To build their case against Zhao and his friends, the authorities relied on a variety of evidence, including confessions, communication logs, financial records, and testimony from witnesses. Zhao and his colleagues made an effort to demonstrate that their conduct were restricted to transactions involving digital currency and did not constitute criminal trading in foreign exchange. The prosecution, on the other hand, presented proof of foreign exchange in their conversation logs, which was a response to their defense.

As the trial progressed, it became clear that Zhao had received money from individuals from other countries. A comprehensive operation was revealed in which Zhao and other individuals in Dubai gathered funds in the form of dirhams, used these dirhams to purchase Tether, and eventually made it possible for local organizations to engage in the illicit resale of Tether for Chinese yuan (RMB).

The verdict of the court resulted in Zhao being sentenced to seven years in jail and being had to pay a fine of 2.3 million Chinese yuan, which is equivalent to around $325,000. This verdict is illustrative of the stringent regulatory position that China takes against the trade of cryptocurrencies for financial purposes. Particularly via channels such as over-the-counter (OTC) desks, private chat groups, and transactions using stablecoins such as Tether, the case highlights the dangers that are connected with participating in cryptocurrency trading in places where it is strongly regulated or outlawed.

In order to carry out his operation, Zhao Dong was responsible for carrying out intricate trading schemes using the Chinese yuan and other currencies. When conducting their investigation, the investigators focused their attention on the movement of funds between Chinese bank accounts, cash pools located abroad, and transactions using Tether and Bitcoin. Within the context of one of the schemes, Zhao was responsible for coordinating crypto-fiat transfers between businesses located in Dubai and domestic Chinese connections. This demonstrates a large network of financial activities that spans many nations.