Binance reportedly continues operations in China, conducting transactions worth billions monthly, despite the crypto ban in the country. These assertions unveiled that users were involved in $90 billion worth of crypto-linked transactions in China over the course of one month.
Nevertheless, as these allegations come to light, the exchange vehemently denies conducting any form of business within China. A representative from Binance, in correspondence with Cointelegraph via email, stated: “Access to the Binance.com website is restricted in China, rendering it inaccessible to users based in China.”
Cointelegraph has reached out to Binance for additional input. They have asked Binance for their response to The Wall Street Journal’s allegations and any planned action.
Binance Rejects Reports: Internal Investigations and Regulatory Battles
Binance is familiar with accusations of retaining ties with Chinese clients after the country’s crypto ban. In March, reports emerged that Binance staff allegedly facilitated mainland China customers in circumventing Know Your Customer controls.
On this occasion, the exchange didn’t outright reject the claims. Instead, it acknowledged taking action against staff who may have violated internal protocols. These actions supposedly relate to improper solicitation or suggestions misaligned with their standards
At that time, when speaking to Cointelegraph, a Binance employee indicated plans for an “internal inquiry” into the implicated employees. Subsequently, a report confirmed that Binance maintained personnel and activities in China. This was despite their 2017 announcement of departure after China’s initial cryptocurrency embargo.
In the recent months, Binance has encountered operational disruptions from regulatory bodies on a global scale. Belgian authorities issued a demand for Binance to terminate all cryptocurrency services in the nation during June.
On July 26, the crypto exchange withdrew its German crypto license application due to denials from the financial regulatory authority.
On August 2, Binance issued a “no statement” responding to reports about closing its US division to protect global operations.
Notwithstanding the turbulent circumstances confronting the exchange, on the 1st of August, it inaugurated trading activities in Japan, receiving a warm reception from local financial regulatory authorities.
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