Binance denies reports of $90 billion in crypto trades in China

Binance denies reports of $90 billion in crypto trades in China

Binance has reportedly continued operations in China, despite the country’s ban on cryptocurrencies, even conducting billions of dollars worth of transactions monthly, according to a Wall Street Journal investigation. 

The WSJ report says its reporters, along with current and former employees of Binance, viewed “internal figures” that revealed users traded $90 billion in cryptocurrency-related assets in China during the time span of only one month.

However, as these claims surfaced Binance has come out in denial of conducting any business in China. In a statement given to Cointelegraph via email, a Binance representative said:

“The website is blocked in China and is not accessible to China-based users.”

Cointelegraph is waiting for additional comments from the cryptocurrency exchange on whether it is looking into the claims and any next steps it plans to take.

This is not the first time Binance has been accused of continuing ties with Chinese customers after the country imposed its nationwide ban on cryptocurrencies. In March, Binance employees allegedly helped customers in mainland China bypass its KYC controls.

In this incident, the exchange did not refute the claims. Rather said that it has, “taken action” against the employees who “may have violated” its internal policies, which it said included “wrongly soliciting or making recommendations that are not allowed or in line with our standards.”

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That same day, speaking to Cointelegraph a Binance employee said the company would be doing an “internal investigation” into the accused employees. 

In the weeks following, another report was released claiming that Binance continued to keep staff and operations in China although it announced its departure in 2017 after China’s initial ban on crypto.

Binance’s remaining presence was reported to include an office that was still in use at the end of 2019, along with a Chinese bank account used to pay employees.

In recent months, Binance has been facing turmoil regarding its operations with regulators around the world. Belgian authorities asked Binance to cease all digital currency services in the country back in June. 

The cryptocurrency exchange withdrew its crypto license application in Germany on July 26, after reports of rejections from the German financial authority.

Most recently on Aug. 2, Binance came forward with “no comment” in regards to reports that alleged it mulled closing its U.S. branch to protect its global operations.

Despite rough waters for the exchange, on Aug. 1 it launched trading operations in Japan with a warm welcome from local financial authorities.

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