Remember though that the rise of crypto has also made issues for Chinese monetary control (that is to say, it's been used as a means to transfer illicit funds out of China, making it difficult for them to handle corruption). This is of course upon the assumption that Chinese leadership would want to eliminate corruption, at least of the sort that doesn't have the support of the central government.
(Not buying the theory though; if Binance does have access to unlimited funds they're not doing a great job of propping their coin up)