U.S. media reports, cryptocurrency entrepreneur Sun Yuchen is trying to return to China by turning the focus of fire business to regain the digital asset exchange.
According to the Wall Street Journal, Sun Yuchen is promoting the company established in Beijing to win customers in Hong Kong and mainland China, although the mainland banned transaction cryptocurrencies forced fire to stop accepting the mainland business.
Fire must be established in 2013. According to the data provider Coingecko, before China was rectified, the exchange was one of the world's largest cryptocurrency exchanges. In 202019%of currency transactions.In 2022, after closing the account of mainland Chinese users, its market share fell to 4%.
Now the headquarters in China either closed or successfully transferred to other markets.Binance, the world's largest cryptocurrency exchange, was established in China in 2017. With the increase in regulatory pressure, Binance quickly moved out of China.It is reported that it is difficult to adjust the business model after Fire will be implemented in China. Sun Yuchen now hopes that the company will focus on China.
Fire must have no executives of the title of "Chief". For example, CEO or Chief Financial Officer, calling Sun Yuchen as a consultant, belonging to a member of the team providing a strategic guidance for the company.However, people familiar with the matter revealed that since the end of last year, Sun Yuchen has actually been the company's leader.
The Wall Street Journal quoted people familiar with the matter and said that Sun Yuchen's plan to boost fire income, including a new way to bypass China's encrypted asset transaction restrictions.Fire must have signed a cooperation agreement with the Dominic State of the Caribbean Island State, and the latter agrees to grant the so -called digital citizenship, including those who have never set foot in their land.
In the application of fire, new users will be prompted to apply for Diminick digital citizenship if they choose Chinese nationality when completing personal data certification.People familiar with the matter said that after Chinese users register Dominic's digital citizenship, they will be able to trade on the fire platform.Users from other countries can also apply for this digital citizenship, but the fire will not be guided automatically.
A spokesman for Fire said that the company uses real -name authentication (KYC) to prevent Chinese users from conducting these transactions; KYC is the exclusion of "Know Your Customer" (understand your user),This process is used to verify user identity.But two domestic citizens in China said they had previously used Dominic's digital status to trade on the platform.
Fire must say in November last year that cooperation with Dominic is the first important step in Fire global layout.Fire must be applied for Dominic digital identity in December last year.
Sun Yuchen said that the Caribbean strategy is definitely one of the most important priority matters for fire.He expressed his hope to advocate the concept of national freedom.
According to the Wall Street Journal, some people in China still have a way to bypass cryptocurrency trading restrictions, that is, through virtual special network access exchanges that can cover the real location, and trading in the P2P market.
