\r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\nMalta-based cryptocurrency exchange Binance is opening an office in Beijing. The new outpost will join Binance\u2019s current mainland China office in Shanghai.\r\n\r\nIt\u2019s not clear what exactly the office will do or when it will open, but the move follows a slew of announcements from Chinese authorities, including President Xi Jinping outlining China\u2019s new blockchain ambitions.\r\n\r\nRelations between Binance leadership and Chinese authorities appear to have warmed recently, with the exchange publishing a report on China\u2019s plans for a digital fiat currency over the summer and Binance CEO Changpeng Zhao stating this week on Twitter that he believes the Chinese central bank is having a positive impact on the crypto industry. This comes just one year after China\u2019s censorship firewall blocked access to the Binance website.\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nBinance is working with governments on an upcoming project Venus.\r\nThese days, Binance executives have publicly stated the exchange is working with multiple governments on an upcoming stablecoin project called Venus. Binance co-founder and chief marketing officer Yi He told Bloomberg that Binance will help governments \u201cfully supervise\u201d the cryptocurrency industry through such projects to ensure \u201cstable, sustainable development.\u201d\r\n\r\nAlthough Zhao grew up in Canada, he was born in China and worked at the China-based exchange OkCoin before founding his own empire. Binance made its first investment in a Chinese crypto company, Mars Finance, last September. Many of the exchange\u2019s earlier investors hail from the Chinese tech industry, including Black Hole Capital and Funcity Capital.\r\n\r\nZhao added via Twitter on Tuesday that Binance currently sees a \u201cfew million dollars a day\u201d worth of volume from Chinese users, especially via the peer-to-peer functionality that became available in China earlier this month. However, an increased focus on serving Chinese users doesn\u2019t inherently mean the company is working with authorities on products or services beyond the Venus stablecoin project and compliance efforts.