Crypto Banned In China? Binance Stubbornly Continues Operations!

<p>"Why is Binance acting this way?"</p><p><br /></p><p>Since 2021, China has not only banned cryptocurrency mining and even trading, but Binance has boldly allowed users to trade $90 billion in digital assets in one month.</p><p><br /></p><p>Despite China's ban on digital asset trading, Binance continuing to trade has shocked investors after the crypto exchange was previously rumored to be leaving the country soon.</p><p><br /></p><p>By observation, $90 billion in crypto transactions account for 20% of the worldwide trading volume in a month and this does not include trades made by a small group of large traders.</p><p><br /></p><p><br /></p><p>If you look at internal figures including current and former employees of Binance, most of the trades are in crypto-linked futures contracts but it should be noted that they have been banned in the United States (US).</p><p><br /></p><p>It's true that Binance and Chief Executive Officer (CEO) Changpeng Zhao (CZ) have maintained that they left China in 2017 following a regulatory crackdown, but recent reports say they still have a workforce in the country.</p><p><br /></p><p>It is well known that Binance is currently under close scrutiny by US regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).</p><p><br /></p><p>Not only that, the Department of Justice (DOJ) is also investigating Binance for violating money laundering laws and restrictions.</p><p><br /></p><p>But on Tuesday yesterday, Binance began offering crypto services in Japan shortly after acquiring Sakura Exchange BitCoin (SEBC) last year and recently announced its full launch at the Web3 WebX conference.</p>