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 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 continue 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 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.