Binance Defies China's Crypto Ban with $90 Billion in Transactions

Despite cryptocurrency being illegal in China, Binance, one of the world's largest cryptocurrency exchanges, continues to conduct around $90 billion worth of business in the country. Binance has been able to operate in China by using a complex corporate structure and maintaining a presence in various offshore locations. The Chinese government has been cracking down on cryptocurrency-related activities, including mining and trading, due to concerns over financial stability and capital outflows. However, Binance's ability to operate in China highlights the challenges faced by regulators in enforcing the ban on cryptocurrencies.