Binance's CZ says China is 'buzzing' after bitcoin seen in TV segment

Quick Take

Binance CEO Changpeng “CZ” Zhao said that Chinese speaking communities are “buzzing” after state broadcaster China Central Television appeared to broadcast a segment about cryptocurrencies.
“It’s a big deal,” he wrote on Twitter.

Binance CEO Changpeng "CZ" Zhao said that Chinese-speaking communities are "buzzing" after state broadcaster China Central Television appeared to broadcast a segment about cryptocurrencies that featured the Bitcoin logo.

"It's a big deal," he wrote on Twitter. "Historically, coverages like these led to bull runs. Not saying past predicts the future. And not financial advice."

Zhao shared a link to CCTV's website that showed a segment that featured what appeared to be a Bitcoin ATM in Hong Kong. Besides a large blue logo, an option that said "Buy Bitcoins" was visible. NFTs were also highlighted in the segment.

The segment, dated May 23, focused on a Hong Kong licensing system for virtual asset trading platforms. China prohibited the use of cryptocurrencies in 2021.

Bitcoin was down 3.4% on Wednesday, falling to $26,295, according to data on TradingView.

Hong Kong rules

Hong Kong's Securities and Futures Commission on Tuesday released consultation conclusions about proposed regulatory requirements for virtual asset trading.

"A significant majority of respondents agreed to our proposal to allow licensed trading platform operators to serve retail investors," the commission said. "The SFC will implement a number of robust measures to protect these investors including ensuring suitability in the onboarding process, good governance, enhanced token due diligence, admission criteria and disclosures."

The "Guidelines for Virtual Asset Trading Platform Operators" will become effective on June 1. The rules will cover "safe custody of assets, segregation of client assets, avoidance of conflicts of interest and cybersecurity standards and requirements expected of licensed trading platforms."

"Hong Kong’s comprehensive virtual assets regulatory framework follows the principle of 'same business, same risks, same rules' and aims to provide robust investor protection and manage key risks," SFC CEO Julia Leung said in a statement. "This will enable the industry to develop sustainably and support innovation.”