According to documents reviewed by the Wall Street Journal, China is followed by South Korea, Turkey, Vietnam, and the British Virgin Islands in terms of market size for Binance.
The Wall Street Journal's report indicates that even though cryptocurrencies are banned in China, Binance's teams frequently cooperate with Chinese law enforcement to identify potential criminal activities. Additionally, the exchange boasts 900,000 active users in the country, as per the Journal's findings.
According to data from the Journal, China accounts for an $80.6 billion futures market and a $9.4 billion spot market for Binance. South Korea contributes $56.9 billion in futures volume and $1.39 billion in spot volume. On the other hand, the British Virgin Islands is responsible for $12.82 billion in spot volume and $5 billion in futures volume.
In general, traders based in China utilize a combination of a Virtual Private Network (VPN) and a digital residency program like Palau's RNS.ID to circumvent geographical restrictions.
Additionally, Binance operates an active peer-to-peer crypto market that facilitates trading in Chinese yuan-denominated pairs and enables fiat onramps through Alipay and WeChat Pay.