Lawrence Damilola
Binance is the most popular cryptocurrency exchange among Chinese-speaking users, a survey has found.
The exchange holds more than 60% of the market share in several key categories, including users with the largest crypto holdings, the highest earners, and those most active in new cryptocurrency listings, a survey by Hong Kong publication TechFlow has found.
Additionally, 96% of respondents identified Binance as their most frequently used platform. The survey was conducted between May and June this year.
The survey participants were Chinese-speaking users, but it did not clarify whether they resided within mainland China. The survey is notable given China’s ban on cryptocurrency transactions since 2021, which prevents international crypto exchanges from legally operating in the country.
Despite China’s ban on cryptocurrency activities and Binance’s claims that it no longer operates in the country, questions persist regarding the extent of its involvement in these markets. Binance officially stopped its operations in China in 2017 following regulatory directives, and the exchange has stated that its app is not available for download within the country.
However, reports in the Financial Times and the Wall Street Journal in 2023 suggested that Binance continues to see substantial trading volume from Chinese users. It was reported that Chinese traders moved $90 billion in cryptocurrencies within a month last year, representing around 20% of Binance’s global trading volume. VPNs reportedly facilitate these trades, allowing users to bypass restrictions and mask their actual locations.
The Shib Daily has reached out to Binance for its comments. This article will be updated when a comment is received.
TechFlow’s survey also identified OKX as the second most popular exchange among Chinese-speaking users. Other platforms like Gate.io and Bitget also hold a significant market share.
The survey further revealed that respondents are optimistic about Bitcoin’s price, with many expecting it to reach between $100,000 and $150,000 during the current market cycle. These users primarily rely on the social media platform X for news on crypto, while blockchain-focused media outlets serve as secondary information sources.
The cryptocurrencies most frequently mentioned by participants include Bitcoin, Ethereum, Solana, BNB, and PEPE. Despite regulatory challenges, Binance remains the dominant exchange in this demographic, followed closely by OKX and other platforms that continue to attract significant interest.
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Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
