August 2, 2023

Binance’s Trading Volume in China Recorded $90 Bln Despite Ban

Binance

Binance

In spite of a ban on crypto trading in China, Binance users in the country traded digital assets worth $90 billion in just one month, as per a report from the Wall Street Journal.

According to the report, China is Binance’s largest market, accounting for 20% of the company’s global volume, excluding trades made by a select group of large traders.

The report does not specify the month in which these transactions occurred. Binance originated in China but withdrew from the mainland during a regulatory crackdown in 2017. The Journal cites internal figures, as well as current and former employees of the exchange.

A spokesman for Binance confirmed that the website is currently inaccessible to users in China. Additionally, Binance has faced investigations from US regulatory bodies such as the Commodity Futures Trading Commission and the Securities and Exchange Commission.

The CFTC claims that Binance operated an illegal exchange and had a non-compliant compliance program, while the SEC accuses Binance and its CEO Changpeng Zhao of falsely inflating trading volumes, mishandling customer funds, failing to prohibit US customers from using the platform, and providing misleading information about its market surveillance measures.

Binance is currently preparing to make a powerful entry into the Japanese market. Initially, they plan to offer 34 tokens, including their native coin BNB, which will be accessible in Japan for the first time. This move shows that Binance Japan will have more tokens available than any local competitor. The new Japanese clients will have access to the NFT marketplace, earn products, and spot trading.

In November 2022, Binance acquired Sakura Exchange BitCoin in its entirety, which allowed it to be regulated by the Japan Financial Services Agency.

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