• Binance CEO Changpeng Zhao (CZ) recently noted that Chinese broadcasters covered digital assets and this may signal a bull market.
• CZ provided a link to the broadcast which aired on May 23, and included a 98-second segment about Hong Kong regulators “Implementing a mandatory licensing system for virtual asset trading platforms” beginning June 1.
• CZ viewed the act of broadcasting crypto alone to be massively bullish, calling it a “big deal.”
Binance CEO Bullish on Crypto Coverage in China
Binance CEO Changpeng Zhao (CZ) published a tweet on Wednesday noting that China Central Television (CCTV) had recently put out a broadcast related to digital assets. The executive claimed that similar coverage has served as a catalyst for crypto bull runs in the past and provided an associated link.
Details of CCTV Broadcast
The broadcast aired on May 23, and included a 98-second segment about Hong Kong regulators “Implementinga mandatory licensing system for virtual asset trading platforms,” beginning June 1. The news itself wasn’t entirely positive for the industry, with SFC guidelines including rules not to incentivize retail trading through stablecoins, and others explicitly banning crypto “gifts” (likely including airdrops).
CZ’s Reaction to CCTV Broadcast
Nevertheless, CZ viewed the act of broadcasting crypto alone to be significantly bullish development, calling it a “big deal.” He further noted that the Chinese-speaking communities were buzzing with excitement over the news. CZ clarified that his tweet was not “financial advice,” but suggested that historically coverages like these have led to bull runs in cryptocurrency markets.
Hong Kong Regulations
Mainland China has banned crypto altogether, but Hong Kong has chosen to press on with ambitions to become a regional crypto hub by implementing regulations regarding virtual asset trading platforms from June 1st onward. Even after China’s ban, Bitcoin mining activity still continues to flourish in the region.
In conclusion, while the news from CCTV was not entirely favorable towards cryptocurrencies due to additional regulations being imposed by Hong Kong authorities, Binance CEO Changpeng Zhao remains optimistic about its potential implications on future cryptocurrency markets activity – viewing it as potentially signaling yet another upcoming bull run in this space.