Despite China’s ban on cryptocurrency trading, Binance, one of the world’s top cryptocurrency exchanges, has maintained a sizable presence there. China is still Binance’s biggest market, according to records examined by the Wall Street Journal. South Korea, Turkey, Vietnam, and the British Virgin Islands all follow closely behind.
Surprisingly, despite the restriction, Binance is still reportedly working with Chinese law officials to identify suspicious activities. The exchange’s prominence in China is further attested to by the fact that it has 900,000 Chinese users.
The Journal’s data shows that China is Binance’s largest contributor, with $80.6 billion in futures trading and $9.4 billion in spot trading. The British Virgin Islands account for $12.82 billion in spot volume and $5 billion in futures activity, while South Korea generates $56.9 billion in futures volume and $1.39 billion in spot business for the exchange.
Virtual private networks (VPNs) and digital residency programmes like Palau’s RNS.ID have helped Chinese merchants get around territorial constraints.
Binance is notable because it is a decentralised cryptocurrency exchange that supports trading in Chinese yuan-denominated pairs and provides fiat onramps through Alipay and WeChat Pay.
It is unclear how future regulatory measures and government crackdowns will affect the exchange given its current position in numerous markets and its cooperation with Chinese authorities. As the cryptocurrency industry develops, Binance’s actions in China and other important areas will definitely be scrutinised.
