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A Forbes report accused Binance, the world’s largest cryptocurrency exchange, of attempting to deceive US regulators. China has achieved its first blockchain security standard, and digital yuan transactions processed have nearly doubled in the past month. Bitmain has closed another large sale of Antminers in the United States and a new cross-chain protocol has been integrated into the BSN.
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The world of blockchain is moving fast and nowhere is it moving faster than China. Here’s what you need to know about China’s block world in the week of October 27 to November 27. 3.
Binance documents
An alleged internal Binance document obtained by Forbes claims that the cryptocurrency exchange banned from China in 2018 was trying to create a complicated business structure to trick US regulators and help customers evade US laws, the site says.
Binance has denied the allegation. The company’s founder and CEO took to Twitter to question the authenticity of the document.
The document in question dates back to late 2018, when Binance was setting up a branch in the United States, according to Forbes. There is talk of a plan to create a company, named “Tai Chi Company” in the document, to distract US regulators while Binance was working on alternative solutions for regulation.
Binance US, the on-the-book subsidiary of the exchange, would go along with US compliance requirements and would not allow trading in highly leveraged derivatives, the document says. Trading in crypto derivatives is highly regulated in the United States.
Meanwhile, the “Tai Chi Company” feigned an interest in compliance, while teaching investors on its platform how to circumvent geo-restrictions and trying to find technology solutions. The company will return the revenues to Binance as licensing fees.
Binance is the largest cryptocurrency exchange in the world, trading on average $ 10 billion per day. (Forbes)
The government blockchain moves
- Chinese regulators have released the first industry standard for security in blockchain technology. The standard was implemented on 1 October and includes 62 provisions and was approved by the Ministry of Information Technology. (National Internet Emergency Response Center, in Chinese)
- The government of Chengdu, in the southwestern province of Sichuan, has released a plan to integrate blockchain into the government and become a blockchain development hub by 2022. The city plans to use blockchain for traffic control, waste management , supply chain traceability, cross-border trade, intelligent manufacturing and agriculture, as well as developing a test bed for the digital yuan. (Red Star News, in Chinese)
- China should proactively participate in shaping the global digital currency and digital fiscal standards, President Xi Jinping said in a statement on Saturday. (Coindesk)
The digital yuan
- People’s Bank of China Governor Yi Gang said digital yuan pilots have processed RMB 2 billion ($ 299 million) in 4 million transactions so far. On 6 October, the central bank’s deputy governor said RMB 1.1 billion was processed in 3 million transactions. (BNN Bloomberg)
- Huawei’s new smartphone, the Mate 40, will come with a built-in yuan digital wallet, the company said in a Weibo post. The wallet will feature “hardware-level security, controllable anonymity protection, double offline transactions,” Huawei said. (Huawei’s official Weibo)
New blockchain partnerships
- Bitmain has entered into a deal to sell 10,000 of its latest cryptocurrency mining rigs to Marathon Group, a US-based cryptocurrency company. Bitmain signed a contract for 10,500 Antiminer S19 with Marathon Group in August and another for 17,595 with Core Scientific in June. (Globe Newswire)
- Poly Enterprise, an authorized cross-chain protocol, has become available today to developers on the Blockchain Services Network. (Poly Network official Twitter)
READ MORE: EXCLUSIVE: Chinese BSN to test cross-chain interoperability in October
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