In May 2023, the trading turnover of crypto investors from the PRC amounted to $90 billion. Such transactions have been banned in the country since 2021. Cryptocurrency exchange representatives consider China to be their largest market. The cryptocurrency exchange officially left mainland China back in 2017.
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“The Binance.com website has been blocked in the PRC and is inaccessible to users,” a spokesperson for the exchange told Reuters when reached for comment.
The exchange is now under scrutiny from U.S. regulators, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
In April, it was revealed that the Binance subsidiary created to serve U.S. clients has a significant technical staff in the People’s Republic of China. Binance.US keeps about 100 employees in Shanghai, mainly engaged in product development and manufacturing, according to two anonymous sources. In total, Chinese workers make up about 20% of the workforce.
Financial Times journalists, citing access to some internal documents of the world’s largest cryptocurrency exchange, said that Binance hid its close ties with China for many years. The investigation said the findings about activity between 2017 and 2018 contradict claims that the company left China immediately after the Chinese government began taking tough measures against the cryptocurrency industry.