Leading multinational digital asset exchange Binance has reportedly registered a new domain name with the government in China.
Public records show that the Chinese Ministry of Industry and Information Technology has approved Binance’s requested domain name (binance.cn). The approval was granted in April 2020.
Records reveal that the domain name has been registered under the company Shanghai Bi Nai Shi Information Technology LLC.
Local blockchain and crypto news outlet ChainNews confirmed that the only legal representative of this firm, Junxi He, has two other companies that are also incorporated under his name. All three companies were reportedly registered during the last three months, and have names with a similar pronunciation to Binance’s name in Chinese.
Binance notes on the website that it’s “the world’s leading blockchain ecosystem developer.” The exchange company also mentions that it has been “dedicated to the development and commercialization of blockchain technology.”
According to the website, Binance is planning to offer blockchain and crypto consulting, research, development, charity, and investment services in the distributed ledger tech (DLT) space (which would be similar to what it’s already offering in other jurisdictions).
The website also had several detailed blog posts that explain basic crypto concepts such as blockchains, cryptography, and decentralized finance.
The website seems to be part of Binance’s new project which involves establishing a blockchain research center in China. In March 2020, Binance Academy, a non-profit education subsidiary of Binance, revealed that it had launched a research institute for DLT research and development (R&D) efforts.
Binance has been aggressively expanding its line of products and services, despite the COVID-19 outbreak. It seems the exchange’s business has not been significant due to the pandemic, mainly because Binance’s services are mostly digital.
In late April 2020, Binance announced the launch of “Binance Pool,” a mining platform that is described as being dedicated to the development of the global crypto mining industry and empowering miners.
Binance Pool is integrated into the growing Binance ecosystem, allowing users access to its suite of derivatives products including Binance Futures, Spot and Margin trading, Binance Lending, Binance Staking as well as OTC services.
Binance has also teamed up with BitPay, a provider of blockchain payment services, in order to “drive adoption” of Binance’s stablecoin, BUSD. BitPay will enable merchants to accept BUSD around the world.
Last month, Binance confirmed its acquisition of CoinMarketCap. The rumored purchase price placed the acquisition at around $400 million making it one of the biggest crypto-focused acquisitions to date. Binance did not disclose the deal terms.