The world’s largest crypto exchange Binance saw trade volumes hit a monthly high of $90B, the twist, the volume was observed in the Chinese Markets where crypto is illegal.
According to the Wall Street Journal (WSJ) reports, the transactions made China Binance’s biggest market by far, accounting for 20% of volume worldwide, excluding trades made by a subset of very large traders.
Binance’s total combined spot and bitcoin futures trading volume was over $670 billion in May. After China, Binance’s biggest markets are South Korea, Turkey and Vietnam, per the WSJ report.
Binance had 5.6 million China-based users as of May, of which 911,650 were active, according to Mission Control. Overall, the crypto exchange has a total of over 128 million users.
“The Binance.com website is blocked in China and is not accessible to China-based users,” a company spokesman told the WSJ.
Binance was founded in Shanghai in July 2017. Soon after, in September 2017, China banned crypto initial coin offerings (ICOs) and blocked Binance’s website.
In 2021, China’s central bank declared all crypto-related transactions illegal, resulting in a widespread ban.