China’s state broadcaster CCTV included a report on the lawsuit in its newscast SEC against the bitcoin exchange Binance and its CEO Changpeng Zhao, reports The Block.
In the story, viewers were told that the agency accused the defendants of violating US securities laws. The subsequent fall in the price of bitcoin and BNB was also mentioned. The journalists also recalled the claims made earlier against the defendants from outside CFTC.
— CZ 🔶 Binance (@cz_binance) June 6, 2023
Zhao admitted that he had not seen the news, and subscribers sent him screenshots.
“Boss, we’re back on TV. This time as the world’s largest trading platform, according to CCTV classification,” the head of Binance signed the image.
老板，我们又上电视了，这次是央视认证的全球最大的交易平台🤝 pic.twitter.com/Gto9Mygkdm
— 币安Binance中文频道 (@binancezh) June 6, 2023
In May, the TV channel released a report on the licensing of crypto platforms in Hong Kong. In the video, journalists showed a device similar to a bitcoin ATM with the logo of the first cryptocurrency and the option to buy it in the menu. In other places, the abbreviation NFT flashed and once again the symbol of digital gold.
Zhao then said that the mention of cryptocurrencies on China’s central television is “very important.” Such rare events have historically led to bull rallies, he said.
In September 2021, the People’s Bank of China, in a joint statement with nine government departments, classified cryptocurrency transactions as illegal financial activities. In February 2022, China tightened criminal penalties for illegally raising funds in digital assets.
Against this background, the authorities of the Hong Kong Special Administrative Region announced in January 2023 their readiness to accept cryptocurrency companies from around the world. According to Bloomberg, the Chinese government is providing tacit support for the jurisdiction in its quest to become a cryptocurrency hub.
According to former BitMEX CEO Arthur Hayes, Beijing intends to return to the digital asset industry through Hong Kong.
Recall that Binance announced its readiness to “resolutely” resist the pressure of regulators and cooperate with the SEC to find a pre-trial solution to the problem.
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