According to a recent report by the Wall Street Journal (WSJ), China makes up a significant portion of Binance’s trading volume, contributing to about 20% of the exchange’s total volume. However, Binance has informed CryptoSlate via email that its website is actually blocked in China, making its platform inaccessible to users based in the country.

The WSJ report stated that China remains Binance’s largest market, with over $90 billion worth of spot and futures trading volume coming from the country in May. It revealed that most of this volume was derived from futures trading. The report also mentioned an internal platform at Binance called “Mission Control,” which aids in identifying and addressing potential illicit activities among its vast user base of over 900,000 active accounts. As of May, Binance had around 5.6 million registered users in China.

Binance’s Approach and Assistance to Chinese Users

Internal documents cited in the WSJ report suggest that Binance had allegedly been assisting Chinese users in bypassing restrictions. This was done by directing them to visit certain websites with Chinese domain names, which would then redirect them to Binance’s global exchange platform. Furthermore, Binance CEO Changpeng ‘CZ’ Zhao was reported to have promoted a program that sold residency cards to foreigners in Palau, seemingly as a means to aid Chinese users. However, Binance eventually distanced itself from the project.

In order to circumvent China’s government crypto ban, Binance’s Chinese users relied on Virtual Private Networks (VPNs) to access the exchange and overcome the imposed restrictions.

Despite the reported information, Binance has repeatedly denied any direct links to China. In March, Binance made it clear to CryptoSlate that it does not operate within China and has no technology, servers, or data based in the country. The exchange emphasized that it has never been registered or incorporated in China.

Binance CEO CZ has consistently refuted any association with China, often suggesting that critics use his place of birth and ethnicity to spread fear, uncertainty, and doubt (FUD) about the exchange.

Other Trading Volumes and Markets

Apart from China, Binance has also recorded significant trading volumes in countries such as South Korea, Turkey, Vietnam, and the British Virgin Islands. As a global cryptocurrency exchange, Binance continues to expand its reach and cater to users from various regions.

A Murky Relationship

The relationship between Binance and China remains perplexing. While reports indicate substantial trading volume from the country, Binance maintains that it is blocked in China, leaving its platform inaccessible to China-based users. Allegations of assisting Chinese users in bypassing restrictions and promoting residency card programs add another layer of complexity to this relationship.

As Binance continues to deny any direct links to China, the true nature of their involvement and influence in the country’s cryptocurrency market remains a subject of debate and speculation.

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