China leads the way for Binance despite cryptocurrency ban

A report suggests China is Binance’s largest market, followed by South Korea

Despite a ban on crypto, Binance counts China as its largest market according to a report written by the Wall Street Journal.

The publication claims documents it has reviewed show China leads the way as the cryptocurrency exchanges market leader, followed by South Korea, Turkey, and Vietnam.

According to the report, teams from Binance regularly work closely with Chinese law enforcement to help detect and deter potential activity. 

However, more than 900,000 active users still sit within China with many traders using Virtual Private Network (VPN) to divert geographical restrictions and avoid being blocked.

Data from The Wall Street Journal has China as a $9.4 billion spot market for Binance. With South Korea at $1.39bn.

Earlier this week, Binance launched a crypto trading platform in Japan as it bids to tap into the vast Asian market.

The platform fully complies with local rules and was launched on Tuesday. However, a Binance statement said residents will need to wait until later this month to apply for accounts.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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