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The exchange opened offices in Hong Kong, Singapore, South Korea and the US. Other examples include Binance, which is consistently ranked in the worlds top three exchanges by trading volume, setting up offices in Japan and Hong Kong, and mining giant Bitmain which opened in Singapore, Canada and the US.

But by February the government caught up with these activities with its new restrictions.

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This top-down system means that the investors and backers for Chinese projects are hugely indicative of their potential. Projects The Chinese blockchain sector is indeed packed.

We have written about NEO, described by some as a competitor to Ethereum. There is THEKEY, a blockchain-based identity verification technology that is still under development, and QTUM, a competitor of NEO.