Binance Denies $90B Chinese Trading Volume – Exchange Platform Unavailable in China

• Binance denied reports from the Wall Street Journal that China accounted for about 20% of its trading volume in May.
• The exchange claims that its platform is blocked and unavailable to China-based users.
• WSJ reported that Chinese traders contributed over $90 billion worth of spot and futures trading volume to Binance in May.

Reports of Secret $90B Chinese Trading Denied by Binance

Binance has denied reports from the Wall Street Journal (WSJ) that claimed China accounts for about 20% of the exchange’s trading volume. In an Aug. 2 email, Binance told CryptoSlate that its website is blocked in the country and its platform is unavailable to China-based users.

Wall Street Journal Report: China Accounts for $90B Trading Volume

The WSJ report stated that Chinese traders contributed over $90 billion worth of spot and futures trading volume to Binance in May 2021, making it the largest market for the exchange. The report cited an internal document from the company which detailed a breakdown of monthly trading volumes across different countries.

Binance Platform Unavailable To Chinese Traders

Despite this reported high level of activity, Binance insists that its platform is not available to China-based users due to it being blocked within the country’s borders. It appears as though those who are taking part in the trading on Binance are doing so through VPNs or other methods which disguise their location as something other than inside mainland China itself.

SEC Investigation Into Richard Heart Resurfaces

The news comes at a time when investigations into digital asset fraud are becoming more common by authorities such as the US Securities and Exchange Commission (SEC). Recently, video footage resurfaced showing Richard Heart publicly disparaging SEC efforts while speaking at a conference last year; this video has become integral evidence in a securities fraud case currently being pursued against him by SEC investigators.


In conclusion, despite reports from WSJ claiming a large amount of trading activity coming out of China, Binance denies any involvement with customers based there due to their platform being inaccessible within Chinese borders. This news arrives amidst increasing regulation targeting digital asset fraudsters like Richard Heart who have been recorded publicly disparaging SEC efforts aimed at maintaining investment safety standards across all markets including cryptocurrencies.