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Binance’s biggest market is China despite a crypto ban in the country: WSJ

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As per a recent WSJ report, Binance users exchanged $90 billion in crypto assets in a single month in China despite a crypto ban there.

users exchanged $90 billion in crypto assets in a single month in China, where crypto trading has been prohibited since 2021.The trading activity makes China Binance’s biggest market by far, contributing for 20% of the global trading volume, according to the Journal. It boasts of a 900,000-strong active user base in the country.

The Wall Street Journal said China has a $80.6 billion futures market and a $9.4 billion spot market for Binance. Next, the futures market in South Korea accounts for $56.9 billion; its spot market accounts for $1.39 billion. As far as the British Virgin Islands was concerned, futures and spot markets account for $5 billion and $12.82 billion respectively.

 

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