The May 23 spot showed a crypto ATM with “Buy Bitcoins” written on it

​Binance CEO calls “a big deal” a report on cryptocurrencies on Chinese TV

25.05.2023 - 07:20

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3 min

What’s new? On May 24, Binance exchange CEO Changpeng Zhao said that the Chinese-speaking communities “are buzzing” after a report about cryptocurrency was shown on China Central Television (CCTV). According to Zhao, historically such newsbreaks led to a bull market. He called it “a big deal,” but warned that the further development of the situation cannot always be predicted based on the past.

What was shown on TV? The TV spot on CCTV on May 23 focused on Hong Kong’s licensing system for virtual asset trading platforms. It showed a snippet with a crypto ATM in Hong Kong that said “Buy Bitcoins,” in addition, the show also showed non-fungible tokens (NFTs).

About the regulation of cryptocurrencies in Hong Kong. Starting June 1, crypto exchanges will be able to apply to the local Securities and Futures Commission (SFC) for a license to provide services to individuals. The regulator imposes operating rules that include separate custody of companies’ own assets and customer funds and a mandatory identification procedure (KYC).

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Starting June 1, the local regulator will begin accepting applications from crypto exchanges for licenses to provide services to retail investors

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The media previously reported that one of China’s largest real estate developers, Greenland Holdings, intends to obtain an SFC license and open a crypto trading platform in Hong Kong. In April, China’s state-owned insurance company CPIC Investment Management announced the launch of two crypto funds in Hong Kong with a focus on blockchain and staking investments. At the same time, Hong Kong’s largest bank, ZA Bank, began servicing crypto companies.

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