WSJ: China accounts for 20% of Binance users

WSJ: China accounts for 20% of Binance users

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Author: Liam Miller
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WSJ: China accounts for 20% of Binance users

WSJ reported that China accounts for 20% of Binance users



In May 2023, the trading turnover of transactions of Chinese clients of the crypto exchange amounted to $90 billion, most of them - trading in futures contracts

Crypto exchange Binance considers China its largest market, with users from this country accounting for 20% of the platform's transactions. Next come clients from South Korea, Turkey, Vietnam and the British Virgin Islands. This is according to The Wall Street Journal, citing internal data from Binance itself, as well as information from current and former employees of the company.

Although cryptocurrencies are banned in China, Binance representatives regularly cooperate with Chinese law enforcement agencies to identify potential criminal activity in this area.

To circumvent geographic restrictions, Chinese traders use VPNs and digital residency programs, specifically Palau's RNS.ID.

In May 2023, the trading turnover of transactions of Chinese crypto exchange clients amounted to $90 billion, most of them trading futures contracts. During the said month, 5.6 million new users from China registered on Binance, of which 911.6 thousand were active, the publication specifies.

On August 1, 2023, Binance launched the crypto platform Binance Japan in Japan. The company plans to place 34 tokens there, which is more than any other crypto marketplace in the country.

 

 

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