According to the Wall Street Journal, Binance users in China traded $90 billion worth of cryptocurrency assets in a single month, despite cryptocurrency trading being illegal in the country since 2021. These transactions made China Binance's largest market, accounting for 20% of volume worldwide, excluding trades made by a subset of very large traders.

Binance, which originated in China but withdrew from the country in 2017 during a regulatory crackdown, did not immediately respond to a request for comment on the report. The exchange is also under investigation by US regulators and the Justice Department over possible money-laundering and sanctions violations.