Share this article
Binance's Largest Market Is China: WSJ
China is Binance’s largest market, amounting to 20% of worldwide volume
Updated Aug 2, 2023, 3:21 p.m. Published Aug 2, 2023, 6:11 a.m. 1 min read
Binance counts China as its largest market, followed by South Korea, Turkey, Vietnam, and then the British Virgin Islands, according to documents reviewed by the Wall Street Journal.
The Journal reports that despite the ban on crypto within China, teams from Binance regularly collaborate with Chinese law enforcement to detect potential criminal activity. It also has 900,000 active users in-country, according to the Journal.
A spokesperson for the exchange did not immediately respond to CoinDesk's request for comment.
Data from the Journal shows that China is a $80.6 billion futures market and a $9.4 billion spot market for Binance. South Korea provides $56.9 billion in futures volume and $1.39 billion in spot volume. In contrast, the British Virgin Islands is responsible for $12.82 billion in spot volume and $5 billion in futures volume.
Typically traders based in China use a combination of a Virtual Private Network (VPN) and a digital residency program such as Palau’s RNS.ID to bypass geographical restrictions.
Binance also maintains an active peer-to-peer crypto market that allows trading in Chinese yuan-denominated pairs and allows for the fiat onramps via Alipay and WeChat pay.
More For You
FalconX has hired Cantor and other bankers to advise on a potential IPO and confidentially filed draft paperwork with the SEC, though the listing is not expected until later this year amid volatile market conditions.
What to know:
- FalconX has confidentially filed a draft S-1 with the SEC and hired Cantor to advise on a potential IPO, according to a source.
- The crypto prime broker, last valued at $8 billion in 2022, serves institutional clients including hedge funds, asset managers and market makers.
- Cooling investor sentiment, weaker trading...
Top Stories
