Binance Remains the Top Cryptocurrency Exchange Among Chinese-Speaking Users: Survey Results
Date: 2024-08-20 Author: Oliver Abernathy Categories: BUSINESS
The survey found that Binance holds a dominant market share with over 60% of the categories such as largest cryptocurrency holders, highest revenue earners, and active participants in initial crypto listings. Additionally, 96% of respondents named the exchange as the most frequently used.
These findings are especially interesting considering that China’s central bank banned all cryptocurrency transactions in 2021, effectively shutting down international cryptocurrency exchanges in the country. However, some believe that China may soon lift the long-standing ban.
Suspicions about Binance’s trading volumes in China cast doubt on claims of a shutdown.
Binance has been unavailable in China since 2017 after local exchanges were forced to close. Since the 2021 ban, Binance has said it has no operations in China and its app is not available for download in the country.
However, the Financial Times reported last year that Binance has maintained significant ties to China for several years, despite management's claims to have ceased operations since 2017.
Additionally, The Wall Street Journal reported that Binance's Chinese users traded $90 billion worth of cryptocurrency in a single month last year, accounting for about 20% of the exchange's global trading volume.
Traders use the service through virtual private networks (VPNs), which bypass internet restrictions and mask their location.
OKX is also popular among Chinese users
The survey also found that OKX is the second most popular exchange among Chinese-speaking users. Gate.io and Bitget are also significant competitors in the market.
Most respondents expect the price of Bitcoin to exceed $100,000-$150,000 in the current market cycle. For crypto market updates, they mainly rely on the X social network, with various blockchain media acting as secondary sources. The most popular crypto assets, according to respondents, were Bitcoin, Ethereum, Solana, BNB, and PEPE.
