Binance Thrives Amidst China's Crypto Trading Ban: WSJ
A recent report from the "Wall Street Journal" reveals that Binance processed an impressive $90 billion in trading orders within a month.
Because Bitcoin
August 2, 2023
According to a WSJ report, the ban on trading Bitcoin & Co in China since 2021 has reportedly had little impact on the local operations of Binance. The largest cryptocurrency exchange in the world processed orders worth $90 billion in a month within the People's Republic, as reported by the "Wall Street Journal" on Wednesday, citing internal data.
This makes China by far the most important market for Binance, accounting for 20 percent of the global trading volume.
In response to a request for comment from the Reuters news agency, the company stated that the cryptocurrency exchange's website is blocked in China and cannot be accessed by users within the country. Binance has its roots in China but officially withdrew from the country in 2017 due to increasing regulatory pressures.
The company is under heightened scrutiny in several countries. For instance, the US Securities and Exchange Commission (SEC) has sued Binance for, among other things, failing to keep US customers off its platform and intentionally attempting to circumvent laws. At that time, Binance had dismissed the allegations as unfounded.
Resources: