BUSD

<ul><li>Binance defies China&#39;s crypto ban, facilitating $90 billion monthly transactions in China.</li><li>Despite claims of leaving mainland China, Binance faces scrutiny for suspected operations within the restricted market.</li><li>Regulatory authorities in the US, including CFTC, SEC, and DOJ, are investigating potential violations impacting the exchange&#39;s international operations.</li></ul>Binance, the world&#39;s largest cryptocurrency exchange, reportedly facilitated a jaw-dropping $90 billion in crypto assets trading within a month in China, defying the crypto ban<a href="https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/" rel="noopener noreferrer nofollow"> imposed</a> by the Chinese government in 2021, as revealed by Wall Street Journal&#39;s senior correspondent, James Cheng.  Despite facing previous criticism for operating within China&#39;s restricted market, Binance continues to operate and execute substantial trade volumes.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/9bb615ebea634bbaa12b7b116b825ff6.png" />According to a recent <a href="https://www.wsj.com/articles/crypto-is-illegal-in-china-binance-does-90-billion-of-business-there-anyway-2a0af975?mod&#61;e2tw" rel="noopener noreferrer nofollow">report</a> by the Wall Street Journal, Binance managed to sustain its operations in China despite the nation&#39;s strict ban on cryptocurrency trading. The reported $90 billion worth of crypto transactions represents an impressive 20% of the global trading volume for that month, excluding trades made by a select group of large traders. Most transactions involved futures contracts tied to cryptocurrencies, banned in the United States.Although Binance&#39;s CEO, Changpeng Zhao, and the company claim to have left mainland China during a regulatory crackdown in 2017, the exchange has been in the spotlight due to suspicions of operating within the restricted market. Recent reports by mainstream media have shed light on Binance&#39;s continued presence in China, drawing further attention and scrutiny from industry observers. A company spokesperson reported, “The Binance.com website is blocked in China and is not accessible to China-based users.”-Read full article at <a href="https://cryptotale.org/binance-defies-chinas-crypto-ban-trades-90b-in-china-in-a-month/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Binance Defies China's Crypto Ban: Trades $90B in China in a Month

CryptoTale

Other articles published on Aug 2, 2023

Forget Bitcoin, Traders Are Piling Into Kaspa: Top Trader Explains Why KAS Price Can Hit $4.5 Mark

Monero (XMR) And BNB Struggle To Keep Up With VC Spectra’s Momentum

Tron Price Prediction 2023: Will TRX Price Descend Further?

Bitcoin’s Fate: Renowned Trader Who Nailed 2023 Crypto Breakout Now Unveils Worst-Case Projection

Why A Cryptocurrency Dip Is An Opportunity?

Bitcoin – How to derive the keys from the twelve words?

Join our free newsletter for daily crypto updates!