Binance Remains King Among Chinese-Speaking Crypto Users: Survey

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Share

Last updated:

August 20, 2024 03:48 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Binance is the preferred cryptocurrency exchange platform among Chinese-speaking users, a survey from Hong Kong publication TechFlow released Monday showed.

The survey also found that Binance dominates the market with more than 60% of the share in categories such as those holding the largest amounts of crypto, the highest earners in terms of revenue, and those most involved in the initial listings of new cryptocurrencies. Meanwhile, 96% chose the exchange as the most frequently used.

The survey, carried out between May and June 2024, indicates that the participants are Chinese-speaking. But it does not clarify whether the users reside in China.

The details are particularly interesting, given that in 2021, China’s central bank banned all cryptocurrency transactions. This effectively prevents international crypto exchanges from operating in the country. However, some believe that China might soon lift this long-standing ban.

Binance’s Alleged Chinese Trading Volume Casts Doubt on Shutdown Claims

Binance has been inaccessible in China since 2017 following a directive that compelled local exchanges to shut down. Following the 2021 ban, Binance has maintained that it does not conduct any exchange operations within China, and the app cannot be downloaded in the country.

However, the Financial Times reported last year that Binance maintained significant connections to China for several years, despite company executives claiming they had ceased operations since 2017.

The Wall Street Journal also reported that Chinese users on Binance traded $90b in cryptocurrencies within a month last year. This amount accounted for roughly 20% of the exchange’s global trading volume.

Traders manage to use the service through Virtual Private Networks (VPNs), which bypass internet restrictions and mask their true location.

Binance didn’t return Cryptonews’ request for comment by press time.

OKX Also Popular Among Chinese Users

The survey also revealed that Chinese-speaking users consider OKX their second favorite exchange. Gate.io and Bitget are other prominent competitors in the market.

Most respondents expect that Bitcoin will exceed $100k-$150k in the current market cycle. They primarily rely on social media platform X for crypto market updates, while various blockchain media outlets serve as secondary sources, the survey said. The most popular crypto assets mentioned were Bitcoin, Ethereum, Solana, BNB, and PEPE.