Last updated on August 8, 2023
Traders in China have reportedly conducted $90 billion worth of cryptocurrency transactions on Binance, the world’s largest exchange for digital assets, despite the ban on crypto trading in the country. According to internal figures and sources, this volume has made China the biggest market for Binance, accounting for 20% of the exchange’s global trading volume (excluding very large traders). It is important to note that the report does not specify the exact month during which these transactions took place. Binance, which was originally based in China but pulled out due to regulatory crackdowns in 2017, claims that its website is blocked in China and inaccessible to China-based users. However, there have been previous reports suggesting that Binance might still have ongoing connections to China.
In recent months, Binance has faced increased regulatory scrutiny worldwide. It has been sued by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in the United States for alleged violations of securities and derivatives laws, as well as diversion of customer funds. The US Department of Justice is currently conducting a probe to determine if Binance has been involved in money laundering and sanctions evasion. Additionally, French prosecutors have initiated an investigation for alleged money laundering and regulatory violations.
The persistence of significant cryptocurrency trading on Binance in China, despite the ban on crypto trading, highlights the challenges faced by regulators in restricting access to such platforms. It also underscores the importance of global cooperation in addressing these regulatory issues and promoting a secure and transparent cryptocurrency market.
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