According to materials analysed by the Wall Street Journal, Binance lists China as its top market, then South Korea, Turkey, Vietnam, and finally the British Virgin Islands.
Despite the cryptocurrency ban in China, staff from Binance often work with Chinese law authorities to find suspected criminal activities, according to The Journal. According to the Journal, it has 900,000 active users throughout the country.
Data from the Journal reveals that China has a $9.4 billion spot market for Binance and a $80.6 billion futures market. $56.9 billion in futures volume and $1.39 billion in spot volume are generated by South Korea. The British Virgin Islands, on the other hand, are in charge of $5 billion in futures volume and $12.82 billion in spot volume.
This information was obtained from the article Binance Is the Largest Market in China By WSJ by CoinDesk.
A Virtual Private Network (VPN) and a digital residency programme, like Palau’s RNS.ID, are frequently used together by traders headquartered in China to get around territorial restrictions.
Additionally, Binance maintains a strong peer-to-peer cryptocurrency market where users may trade in pairs denominated in Chinese Yuan and access fiat onramps through Alipay and WeChat Pay.
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