China Emerges as Binance's Key Market Despite Cryptocurrency Trading Ban China has emerged
as the biggest market for major crypto exchange Binance, despite a ban on crypto trading
in the country.
According
to a Wall Street Journal report from Wednesday, Binance users located
in China traded crypto worth
as much as $90 billion in a single month this year, accounting
for 20% of Binance’s total global volume.
Crypto trading
was banned by the People’s Bank of China – China’s central bank –
in September 2021 over concerns related to money laundering and the possibility
of evading capital controls.
Despite Binance’s website
being blocked inside China, Chinese traders are still able to access Binancecom using virtual private networks (VPNs), a software tool used to bypass censorship
and make a user appear to be in another location than he really is.
Asked by the
Wall Street Journal for information about this, a Binance representative offered few details other than pointing
out that its website is unavailable in China.
“The Binancecom website is blocked in China and is not accessible to China-based users,” a Binance spokesman was quoted by the Wall Street Journal as saying.
