Binance CEO Changpeng Zhao (CZ) noted that China’s latest move to promote Hong Kong’s crypto regulation efforts may bring a new positive wave in the Crypto sector.
Changpeng Zhao (CZ) is co-founder & CEO of the crypto sector’s top-ranked crypto exchange. CZ is of Chinese origin but he has been a Canadian since the age of 12 years.
On 24 May 2023, CZ noted that China Central Television (CCTV) broadcasted crypto. According to Binance’s CEO, it is a very big deal among the Chinese community & probably it may act as a catalyst to bring bull run sentiments in the crypto market.
A Chinese crypto blogger reported that it is very common for CCTV to give news on Hong Kong’s crypto regulation and also noted that Binance is continuously locking several functions from the platform, to survive in the new crypto regulation framework of Hong Kong.
Just a day ago, the Securities regulatory body of Hong Kong published its restricted rules against cryptocurrencies, to keep illegal/suspicious activities away from Hong Kong’s crypto market. The new rules will come into effect by 1 June.
Under the new rules, no retail crypto traders can use stablecoin, and also only those crypto assets will be listed on the Hong Kong compliance exchanges, which will have better records (no involvement in illegal or suspicious activity) over the past 12 months.
Note: Crypto is fully banned in the mainland of China, while crypto trading is legal in the China’s special administrative region ‘Hong Kong’.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.