- The media said Binance still has operations in China. The exchange officially withdrew from this market in 2017.
- There are more than 911,000 active users on the platform. China also accounts for a significant share of the company’s trading volume.
China remains Binance’s main market, with a 13.4% share of total trading volume. This is reported by the WSJ, citing internal company data.
There are about 911,000 active users of the exchange in China, the publication claims. In May 2023, Binance’s trading volume on that market exceeded $90 billion for a total of $670 billion, the WSJ emphasized.
South Korea is in second place. This area accounts for $58.3 billion. Turkey, Vietnam and the British Virgin Islands are next.
According to Statista, the percentage of cryptocurrency holders among China’s population in 2023 was 10 percent. In South Korea, the figure is at 20 percent, in Turkey 47 percent, and in Vietnam 27 percent.
In September 2021, China’s central bank completely banned cryptocurrency mining and transactions in digital assets. Despite the restrictions, there were about $30 million participants in the sector in April 2023.
It is noteworthy that Binance was previously accused of having ties with the Chinese government. In September 2022, the WSJ stated that.. In late March 2023, a similar thesis was published by the FT.
Chanpeng Zhao denies the allegations. He says that Binance is an international company with employees from different countries. He himself is a Canadian citizen. The exchange officially left China back in 2017.
Binance is an international company that employs people from different countries.