Binance, the world’s largest crypto exchange, was supposed to leave China behind when the country made cryptocurrency trading illegal in 2021.
Almost two years later, users traded $90 billion of cryptocurrency-related assets in China in a single month, according to internal figures viewed by The Wall Street Journal and current and former employees. 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.
China’s importance for Binance is openly discussed internally, according to the current and former employees. And despite the ban, the exchange’s investigations team works closely with Chinese law enforcement to detect potential criminal activity among the more than 900,000 active users in the country, according to some of the current and former employees.
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