Breaking: Is Crypto Really Banned In China? Binance Users Traded $90 Billion In Crypto
In a market where crypto is banned, the world’s largest crypto exchange Binance allowed users to trade $90 billion in crypto assets in a month, according to sources familiar with the matter. Binance has been targeted earlier for continuing to run its business in China despite the crypto trading and mining ban in the country since 2021.
Binance Users Traded $90 Billion Worth Crypto Assets
According to a report by the Wall Street Journal on August 2, Binance continued to operate despite China’s ban on crypto trading. Its users traded $90 billion worth of crypto-related assets in a month. This was surprising considering the fact that Binance was expected to leave China when the country prohibited the trading of crypto trading and mining almost two years ago.
The $90 billion crypto transactions account for 20% of trading volume worldwide in a month. It excludes trades made by a small group of big traders. The WSJ report cited internal figures and current and former employees of Binance. Most of the trading was in futures contracts tied to cryptocurrencies, while futures trading for crypto is banned in the US.
However, Binance and CEO Changpeng “CZ” Zhao continues to claim that exchange left mainland China in 2017 during a regulatory crackdown. Recent reports by mainstream media also said that Binance still has a workforce in China.
“The Binance.com website is blocked in China and is not accessible to China-based users,” a company spokesman told the WSJ.
The crypto exchange is under intense scrutiny by US regulators such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The Department of Justice (DOJ) is also investigating Binance over violating money laundering laws and sanctions, with a possible lawsuit looming.
Read More: Binance Burns 1.41 Billion Terra Luna Classic (LUNC) Tokens
Binance Starts Operations In Japan
On Tuesday, Binance started offering crypto services in Japan after acquiring Sakura Exchange BitCoin (SEBC) last year. Binance CEO recently announced its full rollout in the Web3 conference WebX.
The crypto exchange announced 32 tokens available for trading. These are — BTC, ETH, BNB, ADA, ALGO, ASTR, ATOM, AVAX, AXS, BAT, BCH, CHZ, DAI, DOGE, DOT, ENJ, ETC, IOST, LINK, LTC, MATIC, MKR, ONT, QTUM, SAND, SHIB, SOL, TRX, XLM, XRP, XTZ, and ZIL.
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