Chinese State Media Accuses Binance – Trustnodes

Chinese State Media Accuses Binance

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CCTV has accused Binance of still operating within China despite previously stating they no longer provide services to users in the mainland.

A reporter from CCTV Finance says he was able to buy crypto on Binance from Beijing. They say according to a rough translation:

“As an individual investor, the reporter registered on the website. The reporter found that under the fiat currency transaction column, the website can choose to trade USDT , BTC and other types.

In the bitcoin transaction area, the system lists various transaction objects called ‘advertisers’, and gives the unit price, limit/quantity and payment method.

After clicking ‘Buy BTC’, the system prompts that identity verification needs to be completed and can be further authenticated as ‘individual’ or ‘enterprise’.

After filling in the basic information, the reporter filled in his residence as Beijing, and the system prompts ‘Basic information has been verified’ and prompts further verification of the ID and face.

According to the prompt, the reporter uploaded the documents step by step and completed face verification on the mobile phone APP.

Subsequently, the reporter transferred the funds to the seller through a third-party payment tool, and then received a system notification that the corresponding order has been completed. From this, the reporter can further carry out operations such as currency transactions.”

After reaching out, Binance told CCTV the app could not be downloaded from China and that you can not log in from China on binance.com.

The reporter however was interested in another site, binancezh.com (pictured above), which appears to be an Over the Counter (OTC) platform and is the one the reporter used to buy crypto from Beijing.

Binance told them that is a test site and “according to Alexa most of its users are from Egypt.”

The state media then points out on April 2nd 2020 Chinese authorities issued numerous diktats “making it clear that virtual currency transactions and ICO activities are illegal financial activities.”

As Yuan has been falling against the dollar and other currencies for the past few weeks, China has intensified its crackdown on cryptos with thousands of bank accounts frozen, including those of miners.

OTC traders and platforms were generally tolerated until recently but this report by CCTV seemingly intends to increase the pressure even more.

Other reports say ‘mainstream’ OTC platforms like Huobi are being left alone, but for how long is not clear as China seemingly continues its now seven year old ‘ban’ of bitcoin.

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