Binance continues to dominate Chinese crypto market, survey finds
Binance continues to dominate Chinese crypto market, survey finds
Binance has solidified its position as the leading cryptocurrency exchange among Chinese-speaking users, according to a recent survey conducted by the Hong Kong-based publication TechFlow.
Despite China's strict regulatory environment surrounding cryptocurrencies, Binance remains the preferred platform for a significant majority of Chinese crypto enthusiasts. The survey, conducted between May 22 and June 30, 2023, included 2,053 respondents and provides insight into the preferences and behaviors of the Chinese crypto community, as reported by Cointelegraph.
The research revealed that an overwhelming 96.72% of respondents use Binance for their cryptocurrency activities, with 63.15% holding their main assets on the exchange. This dominance places Binance far ahead of other exchanges such as OKX, which is used by 83.53% of respondents, and Gate.io, with a 39.95% usage rate.
Interestingly, regulatory concerns seem to play a minimal role in the decision-making process for users, as 69.61% of respondents indicated that their choice of exchange was not influenced by government regulations.
In addition to exchange preferences, the survey highlighted the importance of social media as a primary information source for Chinese crypto users. X (formerly Twitter) emerged as the top platform, with 87.17% of respondents relying on it for investment decisions. This was followed by crypto-specific media outlets at 69.88%, while traditional platforms like WeChat and Telegram were less influential, cited by less than half of the respondents.
Demographically, the survey found that the majority of participants were male (76.1%), with 57.4% aged between 26 and 35. Most respondents had significant experience in the crypto market, with 34.76% reporting three to five years of involvement, followed by those with one to three years (30.94%) and five to eight years (21.29%). This indicates a mature and knowledgeable user base that is deeply engaged with cryptocurrency trading.
Despite the Chinese government's ban on cryptocurrencies, the market remains active, with users continuing to trade on both domestic and international exchanges. The TechFlow survey also noted that a significant portion of respondents, 49.41%, held more than half of their assets in cryptocurrency, with popular coins including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), BNB, and PEPE.
Looking forward, Binance's dominance in China illustrates the resilience of the crypto community in the face of regulatory pressure, and the choices and behaviors of Chinese crypto users will likely remain a key area of interest for market observers.
Read also: CoinEx prepares for ATOM and INJ network upgrades
