Singapore – Binance CEO Changpeng “CZ” Zhao has discussed cryptocurrencies in his interview from Singapore. According to Zhao, the company sees many users coming in and adopting its features.
Since Singapore continues to build better virtual currencies regulations, many potential businesses are getting interested in investing in crypto firms like Binance. The optimism of institutional investors has led Binance to double its profits this year. Despite the coronavirus pandemic, things are still going pretty well with Binance.
Recently, news broke out that the Chinese government cracked down on many crypto exchanges, and most Bitcoin users are making their way to Binance over the past few days. According to a report, at least 18,652 bitcoins worth nearly $300 million have been transferred to Binance from November 2 to 11. According to a Chinese crypto reporter, many customers choose Binance since it is more familiar and supported overseas.
However, Binance‘s spokesperson declined to comment about the Chinese government’s crackdown. For months, the Singaporean regulators have been catering to Chinese and Singaporean clients in many crypto trading platforms like Binance. Some exchanges have close relationships with the Chinese government.
Furthermore, the Binance CEO also confirmed its deep ties with Singapore and China. According to the recent reports, Binance users in China and Singapore can now sign up in Ether and Bitcoin’s mining pool. After Bitcoin released its mining system in April, Binance also decided to launch its in-house mining platform for the market’s prominent altcoin, Ether. For the first month, between November 12 to December 12, Binance users can enjoy a zero-free regime. However, after this timeframe, each user will receive a 0.5% commission fee on their earnings. Binance‘s mining pool offers a feature called “Smart Pool,” where participants can automatically switch rates to get the most profitable rates among the three supported virtual currencies, Bitcoin, Bitcoin SV, and Bitcoin cash.