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1. Is Binance illegal in China?
Conclusion: Binance is illegal in China.
The specific reasons are as follows:
Virtual currency transactions are prohibited: According to relevant Chinese laws and regulations, virtual currency transactions are illegal. The China Internet Finance Association, China Banking Association, China Payment and Clearing Association and other institutions have clearly pointed out that virtual currency does not have the same legal status as legal tender, and engaging in virtual currency transactions and other related business activities are illegal financial activities.
Binance does not provide services: Binanceâs official website issued an announcement stating that it operates legally in accordance with the laws and regulations of various countries, but since users in mainland China are not within its service scope, Binance does not provide services in mainland China. This also means that it is illegal to use Binance for virtual currency transactions in mainland China.
2. What is Chinaâs attitude towards blockchain?
Conclusion: China strongly supports the development and application of blockchain technology.
The specific performance is as follows:
Policy support: The Chinese government has introduced policies at multiple levels to support the development of blockchain technology. For example, the 2024 Government Work Report mentioned blockchain-related content, emphasized the application of blockchain in scenarios such as data circulation and computing power integration, and promoted the standardization and regularization of blockchain technology.
Standard setting: Organizations such as the Trusted Blockchain Initiative (TBI) have released a number of blockchain-related standards, such as the "Blockchain Cryptographic Application Verification Specification" and the "Guidelines for the Application of National Cryptographic Algorithms in Blockchain", which regulate the implementation and application of blockchain technology.
Technological innovation: China actively promotes the innovation and application of blockchain technology, explores new blockchain system architecture, promotes the application of post-quantum cryptography in blockchain, and provides complete solutions for the cross-border circulation of blockchain technology data.
Industry integration: Blockchain technology in China is gradually integrating into cultural tourism, cultural museums, cultural creativity, culture and sports, etc., promoting the compliant development of digital assets, continuously empowering the real economy, and strengthening emerging consumption.
Although Binance is illegal in China, the Chinese government has a positive attitude towards the development and application of blockchain technology and has introduced a series of policies and measures to promote its healthy development.
