Despite China's stringent ban on cryptocurrency trading, Binance, the world's largest cryptocurrency exchange, continues to thrive in the countryBinance, the world's largest cryptocurrency exchange, continues to operate significantly in China despite the country's ban on cryptocurrency trading. In March, CNBC reported that Binance's Chinese clients use various techniques to evade the exchange's know-your-customer (KYC) systems, according to leaked internal communications. These tactics, shared by Binance employees and volunteers, include falsifying bank documents and addresses or manipulating the exchange's systems. Senator Bill Hagerty (R-TN) alleged that Binance is controlled by the Chinese government. Despite Binance's denial of any legal entities or ties in China, Hagerty expressed concerns over the lack of transparency regarding the exchange's reserves.

Source: Wall Street Journal August 02, 2023 06:12 UTC