Changpeng Zhao comments on CCTV portrayal of SEC lawsuit on Chinese television

The Chinese state broadcaster CCTV included in its news programme a report on the SEC against the cryptocurrency exchange Binance and its chief executive Changpeng Zhao, according to The Block.

In the segment, viewers were told that the agency accused the defendants of violating U.S. securities laws. The ensuing drop in Bitcoin and BNB prices was also mentioned. Journalists recalled the earlier claims against the defendants by the CFTC.

pic.twitter.com/MGfEWfooEe

— CZ ? Binance (@cz_binance) June 6, 2023

Zhao said he had not seen the news; screenshots were sent to him by followers.

“Boss, we’re on TV again. This time as the world’s largest trading platform, according to CCTV,” signed Binance’s chief.

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 channel aired a report about licensing of crypto platforms in Hong Kong. In the video sequence, journalists showed a device resembling a Bitcoin ATM with the logo of the first cryptocurrency and an option to buy it from the menu. In other places, the NFT acronym flashed and again the symbol of digital gold appeared.

Zhao said that mention of cryptocurrencies on central Chinese television is “very important.” He added that such rare events have historically led to bullish rallies.

In September 2021, the People’s Bank of China, in a joint statement with nine state agencies, categorized cryptocurrency operations as illegal financial activity. In February 2022, China tightened criminal liability for illegal fundraising in digital assets.

Against this backdrop, the Hong Kong Special Administrative Region authorities announced in January 2023 their readiness to welcome cryptocurrency companies from around the world. According to Bloomberg, the PRC government is quietly supporting the jurisdiction in its bid to become a crypto hub.

According to former BitMEX CEO Arthur Hayes, Beijing intends to return to the digital assets industry via Hong Kong.

Binance said it was prepared to resist regulatory pressure firmly and to cooperate with the SEC to seek a pre-litigation resolution of the matter.