- Binance, the world’s largest crypto exchange, remains the dominant player in China despite the country’s crypto ban.
- In May, Binance recorded over $90 billion in trading volume from China, challenging the assumption that regulatory bans stifle market expansion.
- Binance’s success in China is attributed to its savvy use of spot and futures trading, meeting market demands while being compliant with the legal framework.
- The exchange achieved a combined spot and Bitcoin futures trading volume of $670 billion in May, showcasing its market share and the crypto industry’s transformation.
- Binance’s success in China is further driven by growing global inflation and the threat of a global banking crisis, positioning it as an alternative to traditional banking mechanisms.
- Binance has over 128 million users worldwide, with 5.6 million users based in China actively engaging with the platform.
- Binance has been strategizing and innovating to operate in China, with reports of employees demonstrating how to bypass KYC features and leniency in verifying users.
- Besides China, Binance has significant influence in South Korea, Turkey, and Vietnam, catering to different regions’ demands and preferences.
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