Binance’s Largest Market is China
Binance, the popular cryptocurrency exchange, considers China to be its largest market, making up 20% of its worldwide trading volume. Despite the ban on crypto in China, Binance teams collaborate with Chinese law enforcement to detect potential criminal activity. The exchange has approximately 900,000 active users in China. China’s futures market for Binance is worth $80.6 billion, while its spot market is worth $9.4 billion.
Key Points:
- China is Binance’s largest market, accounting for 20% of its global trading volume.
- Binance collaborates with Chinese law enforcement to identify potential criminal activity.
- China has 900,000 active users on the Binance platform.
- China’s futures market for Binance is worth $80.6 billion, and its spot market is worth $9.4 billion.
- Traders in China bypass geographical restrictions using VPNs and digital residency programs.
Binance’s Peer-to-Peer Crypto Market in China
Binance also operates a peer-to-peer crypto market in China, allowing trading in Chinese yuan-denominated pairs. Additionally, it provides fiat onramps through popular payment platforms like Alipay and WeChat pay. This enables users in China to easily access and trade cryptocurrencies despite the regulatory restrictions in place.
Hot Take:
Binance’s strong presence and collaboration with Chinese law enforcement show its determination to navigate the challenges of the Chinese market. By providing innovative solutions like VPN usage and fiat onramps, Binance continues to cater to the crypto needs of its Chinese users.
By
By
By
By
By
By