Binance's Largest Market Is China: WSJ

China is Binance’s largest market, amounting to 20% of worldwide volume

AccessTimeIconAug 2, 2023 at 6:11 a.m. UTC
Updated Aug 2, 2023 at 3:21 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Binance counts China as its largest market, followed by South Korea, Turkey, Vietnam, and then the British Virgin Islands, according to documents reviewed by the Wall Street Journal.

The Journal reports that despite the ban on crypto within China, teams from Binance regularly collaborate with Chinese law enforcement to detect potential criminal activity. It also has 900,000 active users in-country, according to the Journal.

A spokesperson for the exchange did not immediately respond to CoinDesk's request for comment.

Data from the Journal shows that China is a $80.6 billion futures market and a $9.4 billion spot market for Binance. South Korea provides $56.9 billion in futures volume and $1.39 billion in spot volume. In contrast, the British Virgin Islands is responsible for $12.82 billion in spot volume and $5 billion in futures volume.

Typically traders based in China use a combination of a Virtual Private Network (VPN) and a digital residency program such as Palau’s RNS.ID to bypass geographical restrictions.

Binance also maintains an active peer-to-peer crypto market that allows trading in Chinese yuan-denominated pairs and allows for the fiat onramps via Alipay and WeChat pay.

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



Read more about