<p><span data-preserver-spaces="true">Chinese state media CCTV has today reported that <a href="https://www.theblockresearch.com/binance-holds-more-than-3-billion-in-customers-cryptocurrencies-trailed-by-huobi-and-bitfinex-39893">Binance</a> is still letting local users trade cryptocurrencies, despite previously saying that it no longer provides services in the country.</span></p> <p><span data-preserver-spaces="true">A CCTV reporter in Beijing could set up an account at <a href="https://www.theblockresearch.com/binances-new-products-start-gaining-traction-44453">Binance’s</a> Chinese platform - </span><a class="_e75a791d-denali-editor-page-rtfLink" href="https://www.binancezh.com/" target="_blank" rel="noopener noreferrer"><span data-preserver-spaces="true">binancezh.com</span></a><span data-preserver-spaces="true"> - and trade cryptocurrencies, <a href="http://finance.cnr.cn/gundong/20200609/t20200609_525122090.shtml">per the report</a>. They registered as an “individual” on the website, uploaded necessary verification documents, and even completed face verification on Binance's mobile app.<br /> <br /> Specifically, the reporter purchased some bitcoin by engaging with a counterparty via <a href="https://www.theblockresearch.com/cost-of-a-binance-listing-insights-from-blockstacks-sec-filings-44821">Binance's</a> P2P platform. They transferred fiat to the counterparty via a third-party payment tool and received a notification from Binance saying that the transaction was completed, according to the report.<br /> </span></p> <p><span data-preserver-spaces="true">In response to CCTV's inquiry, <a href="https://www.theblockresearch.com/a-look-at-binance-us-growth-and-volume-after-its-first-month-in-business-45743">Binance</a> said its app now cannot be downloaded in China, and its website cannot be accessed. </span><span data-preserver-spaces="true">Regarding the binancezh.com website, Binance told the news outlet that it is a test site, and “most of its users are from Egypt.” </span></p> <p><span data-preserver-spaces="true">Binance declined to comment to The Block when reached. </span></p> <p><span data-preserver-spaces="true">Chinese regulators moved to ban centralized crypto exchanges in September 2017. However, Chinese citizens can still buy crypto via peer-to-peer (P2P) platforms or over-the-counter (OTC) trading desks. Last October, <a href="https://www.theblockresearch.com/mapping-out-binance-labs-portfolio-47819">Binance</a> also <a href="https://www.theblockcrypto.com/post/42606/binance-to-support-wechat-and-alipay-for-buying-bitcoin-in-china">launched</a> its P2P platform in China, enabling users to buy crypto via Alipay and WeChat. Alipay later <a href="https://twitter.com/Alipay/status/1182244458730901504">said</a> it doesn't support crypto transactions. Chinese regulators are yet to greenlight P2P and OTC crypto trading activities. </span></p> <p><span data-preserver-spaces="true">It is also worth noting that the OTC route has recently come under the Chinese police's lens. Police have reportedly <a href="https://www.coindesk.com/china-police-freeze-otc-traders-bank-accounts-tainted-crypto">frozen</a> bank accounts of OTC merchants and their clients over money laundering concerns.</span></p>