China is Binance’s biggest market by far, said The Journal, which cited internal figures, plus current and former employees of the exchange. China allegedly accounts for 20% of the company’s worldwide volume, excluding trades made by a subset of very large traders, according to the report published on Tuesday. Binance’s origins lie in China, though the world’s largest crypto exchange withdrew from mainland China in 2017 during a regulatory crackdown. The exchange has also been under the scrutiny of US regulators including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The exchange is also under investigation by the US Justice Department over possible money-laundering and sanctions violations, according to reports in December.

Source: Wall Street Journal August 02, 2023 08:39 UTC