Binance, the world’s largest crypto exchange, was supposed to cease operations in China when the country made cryptocurrency trading illegal in 2021.
However, in May, users traded approximately $90 billion worth of cryptocurrency-related assets, as reported by The Wall Street Journal based on internal data along with input from current and former employees. These transactions established China as Binance’s largest market, constituting 20% of global volume, excluding trades made by a subset of large traders.
As these claims have emerged, Binance has refuted any involvement in conducting business within China. A Binance representative stated in an email to the CoinTelegraph: “The Binance.com website is blocked in China and is not accessible to China-based users.“
Internally, Binance openly acknowledges the significance of China for its operations, but the exchange’s investigations team collaborates closely with Chinese law enforcement to identify potential criminal activities a
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