China is Binance’s Biggest Market Despite Local Cryptocurrency Ban
A recent report by the Wall Street Journal revealed that Binance, one of the world's largest crypto exchanges, saw an astounding $90 billion worth of crypto assets traded by its users in China during a single month.
This is particularly noteworthy since crypto trading has been banned in China since 2021.
According to insiders and former employees, China remains Binance’s most significant market, accounting for approximately 20% of the company’s global trading volume, excluding transactions by a select group of major traders. The report, published on Tuesday, did not specify the exact month these transactions took place.
Binance’s origins can be traced back to China, but it withdrew from the mainland back in 2017 due to regulatory pressures. The Binance.com website is currently inaccessible to users in China, as confirmed by an exchange spokesperson.
The exchange has also been under close scrutiny by US regulators, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The CFTC has accused Binance of operating an “illegal” exchange and employing a deceptive compliance program.
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Meanwhile, the SEC has sued both Binance and its CEO, Changpeng Zhao, alleging that the exchange artificially inflated its trading volumes, misused customer funds, failed to prevent US customers from using its platform, and provided misleading information about its market surveillance controls.
In addition to the ongoing US regulatory investigations, the US Justice Department is also looking into potential money laundering and sanctions violations at Binance, as reported in December.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
