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    <p>For two years, <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> has been illegal in <a rel="noopener noreferrer nofollow" title="China" href="https://thebittimes.com/tag/china.html">China</a>, so why is it still <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>’s top <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>?&nbsp;</p> 
    <p>Figures obtained by the Wall Street Journal (WSJ) depict how, in May, users from China traded $90 billion of cryptocurrency, making up 20% of Binance’s total crypto volume. These transactions reportedly made China Binance’s biggest market.&nbsp;</p> 
    <p>It’s worth noting that this 20% figure excludes a subset of “very large traders,” while the majority of transactions are future trades.&nbsp;</p> 
    <p>According to an internal Binance platform called ‘Misson Control,’ there are <strong>900,000 active Chinese customers in Binance’s 5.6 million pool of registered users</strong>. Around 100,000 users are also designated as “politically exposed persons” — people associated with or who are government officials that require increased regulation.&nbsp;</p> 
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        Sources confirm Binance helps users avoid KYC/AML 
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Sources confirm Binance helps users avoid KYC/AML” — Protos" src="https://protos.com/sources-confirm-binance-helps-users-avoid-kyc-aml/embed/#?secret=emNq4OPw8p#?secret=Q71VCZYQP7" data-secret="Q71VCZYQP7" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe> 
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    <p><em>Read more: Dubai’s crackdown on BitOasis spells bad news for Binance</em></p> 
    <p>The WSJ claims that current and former <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> employees discussed the importance of <a rel="noopener noreferrer nofollow" title="China" href="https://thebittimes.com/tag/china.html">China</a> to the company. The exchange’s investigation department also reportedly works with&nbsp;Chinese law enforcement to tackle money laundering and other <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a>-related crimes.&nbsp;</p> 
    <p>When it comes to know-your-customer (KYC) and anti-money laundering (AML) regulations, however, <strong>Binance confirmed to Protos that customer support staff and other employees had been told to assist users trying to avoid these rules</strong>.</p> 
    <p>When the WSJ pushed China’s central bank for comment, it said “The Binance.com website is blocked in China and is not accessible to China-based users.”</p> 
    <p>“Binance processes more cryptocurrency transactions around the world than most of its competitors combined,” the WSJ said.&nbsp;“Holding on to its footprint in China will be crucial for Binance as it navigates a regulatory crackdown that executives internally worry threatens its future.”</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;</em><em>Twitter</em><em>,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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China is Binance's biggest market despite crypto ban: WSJ

TheBitTimes

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