Binance Exchange Denies Allegations of Illegal Operations in China 

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Binance cryptocurrency exchange, the leading crypto firm with over 550k Bitcoin under its custody, has a significant influence on the mainstream adoption of digital assets. Initially based in China before the government banned crypto operations, Binance has managed to obtain licenses in several other jurisdictions over the years.

However, reports of Binance employees helping mainland China residents abet the crypto ban have increased in the recent past. Reportedly, Binance employees have helped mainland China residents access the trading platform through fake registration details and VPN tools. 

In the recent allegations, media outlet WSJ highlighted that Binance made business with mainland China residents amounting to $90 billion. 

Binance Denies Allegations 

The cryptocurrency exchange has, however, vehemently denied the allegations citing that its official website is blocked in mainland China. Binance representative told Cointelegraph through an email that its website is not accessible to mainland China-based users.

Regulators Upheavals 

Amid the mainstream adoption of digital assets, Binance has been under the radar of most jurisdictions for allegations of money laundering. In Europe, Binance has already closed its operations in the Netherlands, and Germany. Notably, Binance has seen its trading volume in the United States significantly decline since the implosion of FTX. Additionally, the exchange failed to secure an operating license in the United Kingdom.

Nonetheless, the exchange has continued to make other strategic acquisitions and partnerships in a bid to stretch its global market reach. Furthermore, the company has a rich portfolio of DeFi projects that have significantly enabled the mainstream adoption of digital assets.