- China has banned crypto mining and trading for all citizens, especially those in the mainland.
- Chinese customers account for 20% of Binance’s trading volume by using VPN.
- Some are also alleging that the Chinese government is secretly mining bitcoins.
China, despite its chilling ban on cryptocurrency trading and mining in the last few years, might still be heavily in love with crypto. At least, in terms of cryptocurrency trading, this appears to be the case.
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As per an article published by the Wall Street Journal (WSJ), Chinese crypto traders appear to be the largest customers of global crypto exchange Binance. According to the report, up to 20% of Binance’s trading volume comes from China alone. This translates to at least $90 billion worth of transactions in a single month alone.
Of course, crypto trading is deemed illegal in China and Binance has exited the country in 2021. However, customers can still bypass the ban easily by using virtual private networks (VPN).
WSJ reached out to the Chinese government regarding its findings, although the latter did not have any comment at the time the news was published other than the fact that Binance.com is blocked and is not accessible to China-based users.
Meanwhile, some are alleging that China’s crypto mining ban was only for show. In fact, the Chinese government may be mining bitcoin itself.
There is no confirmation of the alleged bitcoin mining operations in mining from reputable sources. However, what is certain is that China is supportive of Hong Kong’s aggressive adoption of crypto and Web3. In addition, China is in the final stages of implementing its digital yuan for all transactions in the country.
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