Binance still active in China

Crypto trading is effectively banned in China. Internal documents now show that Binance is circumventing the restrictions.

Despite the ban, China remains one of Binance's largest markets.

The trading volume of China's crypto exchange is said to have reached US$90 billion in May, reports the Wall Street Journal with reference to internal documents.

According to the report, China was Binance's largest market, followed by South Korea, Turkey and Vietnam.

Binance reportedly had about 5.6 million Chinese users in May, of which 911,650 were active.

Crypto trading has been banned in China. Initial Coin Offerings (ICOs) were banned in 2017 and all crypto transactions were declared illegal in 2021.

According to the Wall Street Journal, Binance allegedly helped Chinese users get around the restrictions.