China Tops the Charts + Asian Giants Follow
Binance, the renowned cryptocurrency exchange, has China as its primary market, representing a staggering 20% of the global crypto trading volume, as disclosed by the Wall Street Journal (WSJ).
Following China, South Korea, Turkey, and Vietnam claim their spots among Binance’s top markets, with the British Virgin Islands taking a notable position as well, as per the documents examined by WSJ.
Collaborating Amid Ban + A Growing User Base
Surprisingly, despite China’s stringent crypto ban, Binance maintains its foothold in the country. The Wall Street Journal reveals that Binance’s teams frequently work alongside Chinese law enforcement to detect potential illegal activities related to cryptocurrencies.
The crypto exchange giant boasts an impressive 900,000 active users in China, underlining the immense popularity of cryptocurrencies within the nation despite the regulatory challenges.
Market Volume Breakdown + South Korea’s Significance
Data from the Wall Street Journal unveils the financial prowess of China in Binance’s trading activities. The country emerges as a substantial $80.6 billion futures market and a $9.4 billion spot market for the exchange.
South Korea follows suit, providing significant contributions to Binance’s trading volumes, with a futures volume of $56.9 billion and a spot volume of $1.39 billion.
A Surprising Player + Trading Under Restrictions
The British Virgin Islands, known for its offshore financial services, surprisingly holds an influential position in Binance’s trading landscape, with $12.82 billion in spot volume and $5 billion in futures volume.
Traders based in China maneuver through geographical restrictions using a combination of Virtual Private Networks (VPNs) and digital residency programs like Palau’s RNS.ID.
Despite China’s crypto ban, Binance continues to thrive within the country, showcasing its resilience and adaptability. As the largest market for this cryptocurrency exchange, China’s influence on the global crypto trade remains undeniable. With collaborations between Binance and Chinese law enforcement, the exchange maintains vigilance against potential criminal activities. As the market evolves, Binance’s journey in China will undoubtedly shape the future of crypto trading in the region and beyond.