The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

() CEO Changpeng Zhao clarified that rumors about "legalization" are simply misleading.

Binance CEO says China’s crypto exchanges are not “legalized” (Source: Changpeng Zhao Twitter)

Not a cryptocurrency exchange license, but a general business registration

On October 30, an analyst claimed that photos of cryptocurrency trading licenses issued by the Chinese government had been leaked, indicating that crypto exchanges were allowed within China.

However, Zhao and others including Primitive Crypto founder Dovey
Chinese investors, including Wan, said this is a basic general business license that includes the term "trading services" and does not represent a crypto trading license for local companies.

“There is no such thing as ‘legalization of cryptocurrency exchanges’ through a simple EDGAR equivalent registration and a general business license,” Wan said.

She added: “In looking for equivalencies in China’s EDGAR database (screenshot), there are many” digital asset trading and service companies that have been “registered” and “licensed.” It lacks basic understanding of China's corporate law. "

China’s blockchain plans can’t be ignored, but they’re overhyped

China’s blockchain initiatives are expected to focus solely on largely centralized permissioned ledgers or blockchain networks that are structurally different from existing public crypto-assets.

Considering that most of the major over-the-counter (OTC) trading platforms based in Hong Kong facilitate investors within China, local governments may not strictly crack down on OTC desks on the issue of proximity.

Beyond this, the blockchain initiative will primarily benefit blockchain-related businesses, developers, and government-backed organizations in China, so claims that the initiative will significantly benefit cryptocurrencies in the short to medium term may be exaggerated. .

Wan pointed out: “China’s “National Blockchain Plan,” whether it ends up being a digital yuan or whatever, is not a scam. It will become a widely used and highly practical new form of financial infrastructure. Public and “areas with Chinese characteristics” "There's going to be an interesting division between blockchains."

Still, industry executives believe that the pro-blockchain stance shown by the Chinese government will put intense pressure on the United States and other major regions to adopt similar policies, which could have a large positive impact on the industry.

DeerCreek Managing Partner Mike
Wasyl told Fortune: “China is making these very grand plays. They want to maintain control and be seen as the leader, so adopting blockchain and making it public, as we’ve seen recently, will cause Lots of interest.”

Major Asian cryptocurrency markets such as Japan and South Korea have also begun adopting clearer regulatory frameworks to govern cryptocurrency exchanges, paving the way for long-term growth for startups.