The Wall Street Journal reported on Tuesday, citing internal data and current and former employees, that Binance users traded $90 billion (approximately Rs. 7,428 billion) in cryptocurrency-related assets in China in a single month. Since 2021, cryptocurrency trading has increased in Exchange has always been illegal in China.

The Wall Street Journal stated that these transactions made China’s Binance the largest market by far, accounting for 20% of global trading volume (excluding transactions by some very large traders). The newspaper did not specify the month in which the transactions occurred.

Binance’s origins are in China, although the world’s largest cryptocurrency exchange exited the mainland in 2017 amid a regulatory crackdown. It did not immediately respond to a Reuters request for comment on the Journal report.

“The website is blocked in China and is inaccessible to Chinese users,” a company spokesperson told the Wall Street Journal.

The exchange is also under scrutiny from U.S. regulators such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

The CFTC sued Binance for operating what it called an “illegal” exchange and a “sham” compliance program, while the SEC sued Binance and its CEO Changpeng Zhao, saying Binance artificially inflated its trading volumes, misappropriated customer funds, failed to restrict U.S. customers its platform and mislead investors regarding its market surveillance controls.

The exchange is also under investigation by the U.S. Department of Justice for possible money laundering and sanctions violations, Reuters reported.

© Thomson Reuters 2023

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