Binance’s Largest Market Revealed: China Dominates with 20% of Global Trading Volume Despite Crypto Ban

Binance’s Largest Market Revealed: China Dominates with 20% of Global Trading Volume Despite Crypto Ban

According to recently reviewed documents by the Wall Street Journal, China stands as Binance’s largest market, with South Korea, Türkiye, Vietnam, and the British Virgin Islands following in line.

Despite China’s ban on cryptocurrency, Binance’s collaboration with Chinese law enforcement to identify potential criminal activities remains an ongoing effort, as reported by the Journal. Incredibly, the platform boasts an impressive user base of 900,000 active users within the country.

As per data provided by the Journal, China has emerged as a significant player, commanding an $80.6 billion futures market and a $9.4 billion spot market for Binance. Meanwhile, South Korea contributes a substantial $56.9 billion in futures volume and $1.39 billion in spot volume, with the British Virgin Islands accounting for $12.82 billion in spot volume and $5 billion in futures volume.

Traders operating in China have devised innovative strategies to bypass geographical restrictions, often utilizing a combination of a Virtual Private Network (VPN) and a digital residency program such as Palau’s RNS.ID.

Binance maintains a thriving peer-to-peer crypto market, enabling Chinese yuan-denominated pairs for trading and facilitating fiat onramps through Alipay and WeChat pay. Despite challenges, Binance continues to maintain a strong presence in the Chinese market.