A recent survey by Hong Kong-based publication TechFlow reveals that Binance remains the leading cryptocurrency exchange among Chinese-speaking users. The survey found that Binance holds over 60% of the market share in key categories, including the largest cryptocurrency holdings, top revenue earners, and the most active participants in initial coin offerings. Remarkably, 96% of respondents named Binance as their most frequently used exchange.
The survey, conducted between May and June 2024, targeted Chinese-speaking participants, though it did not specify whether they reside in China. This distinction is notable, given China’s 2021 ban on all cryptocurrency transactions, which effectively prohibits international exchanges from operating within the country. Despite this, there is ongoing speculation that China may reconsider its ban.
Although Binance has been inaccessible in China since 2017 due to a government directive that shut down local exchanges, the company has maintained strong ties with Chinese users. According to a Financial Times report, Binance had significant connections to China for several years, despite claims from its executives that the exchange had ceased operations in the country.
Further illustrating this point, the Wall Street Journal previously reported that Chinese users on Binance traded approximately $90 billion in cryptocurrencies in just one month last year, accounting for about 20% of the exchange’s global trading volume. Many of these traders use Virtual Private Networks (VPNs) to bypass internet restrictions and conceal their locations.
The survey also identified OKX as the second most popular exchange among Chinese-speaking users, followed by Gate.io and Bitget. Respondents expressed optimism about Bitcoin’s potential to reach $100,000 to $150,000 in the current market cycle. For market updates, they primarily rely on the social media platform X (formerly Twitter), with various blockchain media outlets serving as additional sources. The most frequently mentioned cryptocurrencies included Bitcoin, Ethereum, Solana, BNB, and PEPE.
Binance’s continued dominance among Chinese-speaking crypto users underscores its significant role in the global cryptocurrency market, despite regulatory challenges in China. The survey results highlight Binance’s ability to sustain user engagement and trading volume in a restrictive environment.
As the cryptocurrency market evolves, Binance’s strategies and user base will be key areas to watch, particularly in light of potential shifts in China’s regulatory approach to cryptocurrency.
