Crypto

Binance Did $90bn in China Trades in Month Despite Ban – WSJ

 

Binance users traded crypto assets worth $90 billion in a single month in China, despite a ban imposed on such trading in 2021, according to a report by the Wall Street Journal.

China is Binance’s biggest market by far, said The Journal, which cited internal figures, plus current and former employees of the exchange.

China allegedly accounts for 20% of the company’s worldwide volume, excluding trades made by a subset of very large traders, according to the report published on Tuesday. It did not specify the month in which those transactions were made.

Binance’s origins lie in China, though the world’s largest crypto exchange withdrew from mainland China in 2017 during a regulatory crackdown.

 

ALSO SEE: China Calls on People to be Nation of Spies For the Party

 

“The Binance.com website is blocked in China and is not accessible to China-based users,” a spokesperson for the exchange said when contacted for comment on the report.

The exchange has also been under the scrutiny of US regulators including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

The CFTC sued Binance for operating what it said were an “illegal” exchange and a “sham” compliance program, while the SEC sued Binance and CEO Changpeng Zhao saying that Binance artificially inflated its trading volumes, diverted customer funds, failed to restrict US customers from its platform and misled investors about its market surveillance controls.

The exchange is also under investigation by the US Justice Department over possible money-laundering and sanctions violations, according to reports in December.

 

  • Reuters with additional editing by Jim Pollard

 

ALSO SEE:

 

US Regulator Sues Coinbase, Day After Filing Against Binance

 

SEC Case Against Binance And Zhao Spurs $800m in Outflows

 

Binance Controlled Bank Accounts of ‘Independent’ US Crypto Arm

 

Global Watchdog Unveils Regulatory System For Crypto Sector

 

Binance Stablecoin Chalks up $6bn of Outflows After US Crackdown

 

Binance Makes Another Bid For Singapore Licence Amid US Probe

 

Binance CEO Calls for Clearer Rules to Stabilise ‘Crazy’ Sector

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.

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