Binance's monthly transaction volume in China exceeds $90 billion
Binance's monthly transaction volume in China exceeds $90 billion
Despite the Chinese government's ban on cryptocurrency trading, Binance users are transacting more than $90 billion in China every month.
This has put China at the top of all Binance markets, as trading in the country accounts for 20% of the cryptocurrency exchange's total global volume.
Such data was provided by the Wall Street Journal, citing sources inside the exchange.
At the same time, WSJ did not specify what month they were talking about.
The origins of Binance are in China. The crypto exchange has 5.6 million clients in the country, including about 900,000 active users. At the same time, it was reported that the world's largest cryptocurrency exchange officially left the Chinese market in 2017 on the background of regulatory measures.
"The Binance.com website in China is blocked, and Chinese users cannot access it," Binance said.
Recently, the cryptocurrency exchange has faced harassment from U.S. regulators.
The Commodity Futures Trading Commission (CFTC) sued Binance over the exchange's "sham" compliance program.
At the same time, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Changpeng Zhao, alleging illegal activity and redistribution of client funds, and that the exchange artificially inflated trading volumes and misled investors about market controls.
Related news: Binance may close its U.S. arm.
