Binance has denied claims of a Wall Street Journal investigation, suggesting it has maintained operations in China despite the country’s ban on cryptocurrencies.
According to the WSJ report, its correspondents and current and former Binance employees viewed “internal figures” indicating that users traded $90 billion in cryptocurrency-related assets in China in a month.
In response to these allegations, Binance has denied conducting commerce in China. In an email statement to Cointelegraph, a Binance representative stated:
“The Binance.com website is blocked in China and is not accessible to China-based users.”
This is not the first time Binance has been accused of maintaining ties with Chinese consumers after the country’s ban on cryptocurrencies went into effect. In March, Binance employees purportedly assisted Chinese customers in bypassing their KYC controls.
In this instance, the exchange did not contradict the assertions. Instead stated that it has “taken action” against employees who “may have violated” its internal policies, including “inappropriately soliciting or making recommendations that are not permitted or in accordance with our standards.”
The same day, a Binance employee said the company would conduct an “internal investigation” into the accused employees.
In the following weeks, another report claimed that Binance continued to maintain staff and operations in China, despite having declared its departure in 2017 following China’s initial crypto ban.
Reportedly, Binance’s remaining presence included a still-active office and a Chinese bank account used to pay employees as of the end of 2019.
In recent months, Binance’s operations with global regulators have been a source of contention. In June, Belgian authorities demanded that Binance cease all digital currency services in the country.
The cryptocurrency exchange retracted its application for a crypto license in Germany on July 26, following allegations of rejections from the German financial authority.
Binance issued a “no comment” statement on August 2 in response to rumors that it considered closing its U.S. branch to safeguard its global operations.
Despite choppy waters, the exchange launched trading operations in Japan on August 1 to a cordial reception from local financial authorities.
