Coin

<ul class="news-points"> 
 <li>Binance records $90 billion crypto trading by China users, defying regulatory crackdown.</li> 
 <li>China-based activity accounts for 20% of Binance’s global trading volume.</li> 
 <li>Blockchain data firm suggests China’s crypto ban may be ineffective or loosely enforced.</li> 
</ul> 
In defiance of China’s cryptocurrency regulatory crackdown, <a href="https://coinedition.com/tag/binance-news/" rel="noopener noreferrer nofollow">Binance</a>, the world’s largest crypto exchange, has witnessed an astounding $90 billion in crypto trading by China-based users in May 2023. Remarkably, this activity accounts for a substantial 20% of Binance’s total global trading volume, excluding trades by a small group of large traders. 
The staggering figure was revealed through internal data obtained by The Wall Street Journal and confirmed by current and former employees of the exchange. The trading primarily revolved around futures contracts tied to cryptocurrencies, with over 5.6 million registered China-based users, of which 911,650 were actively involved, as reported by Binance’s internal platform, “Mission Control.” 
Despite the Chinese government’s crackdown on crypto activities, China remained East Asia’s largest crypto market in terms of transaction turnover and ranked fourth worldwide. �… 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/chinas-crypto-crackdown-fails-as-binance-records-90b-trading/">China’s Crypto Crackdown Fails as Binance Records $90B Trading</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

China’s Crypto Crackdown Fails as Binance Records $90B Trading

Coin Edition

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