Report: China is Binance’s largest market
Binance, the large st cryptocurrency exchange, reportedly has a big presence in China with around 900,000 active users. This is despite China banning all crypto trading activities. Binance has a presence in China South Korea, Turkey, Vietnam, and the British Virgin Islands also rank as large market s for Binance. In May 2023, Binance recorded over $90 billion worth of spot and futures trading, accounting for 20% of the global volume. You might also like: Binance CEO nearly closed US branch to protect global operations The report examines possible reasons for how and why the exchange continues to operate in China. It suggests that Binance’s regular collaboration with Chinese law enforcement to detect potential criminal activity, the use of a Virtual Private Network (VPN), and the exchange’s active peer-to-peer market trading Yuan-denominated pairs may be factors. China and crypto: a winding relationship China has a history of banning cryptocurrency a...