Binance, the cryptocurrency exchange platform, has been revealed as the preferred choice among Chinese-speaking users, according to a recent survey conducted by Hong Kong publication TechFlow. The survey also highlighted that Binance holds more than 60% of the market share in various categories, including those with the largest crypto holdings, highest revenue earners, and those most involved in new cryptocurrency listings. Additionally, 96% of the participants chose Binance as their most frequently used exchange. The survey was conducted between May and June 2024 and focused on Chinese-speaking users, although it did not specify whether they reside in China.
Despite China’s central bank banning all cryptocurrency transactions in 2021, many Chinese-speaking users still rely on Binance for their crypto trading needs. This ban has prevented international exchanges from operating in the country, but there is speculation that China may lift the ban in the future. Binance has been inaccessible in China since 2017, but reports indicate that Chinese users have continued to trade significant amounts of cryptocurrencies on the platform. It is believed that users use Virtual Private Networks (VPNs) to bypass internet restrictions and access the exchange.
In addition to Binance, the survey revealed that OKX is also popular among Chinese-speaking users as their preferred exchange. Other competitors in the market include Gate.io and Bitget. Most survey respondents expressed optimism about Bitcoin’s price, expecting it to exceed $100k-$150k in the current market cycle. They rely on social media platforms for market updates, with X being the primary source, while blockchain media outlets serve as secondary sources. The survey also highlighted the most popular crypto assets among respondents, including Bitcoin, Ethereum, Solana, BNB, and PEPE.
It is worth noting that Binance has faced scrutiny in the past for allegedly maintaining connections to China despite claiming to have ceased operations in the country since 2017. Reports from reputable sources like the Financial Times and the Wall Street Journal have suggested that Chinese users traded significant volumes of cryptocurrencies on Binance, accounting for a sizable portion of the exchange’s global trading volume. Despite these reports, Binance has maintained that it does not conduct exchange operations within China and its app cannot be downloaded in the country.
The survey results shed light on the market preferences and behaviors of Chinese-speaking users in the cryptocurrency space. Binance’s dominance in the Chinese-speaking market reflects its popularity and reliability among users, despite regulatory challenges in China. As the crypto industry continues to evolve and attract a global user base, platforms like Binance will play a significant role in facilitating crypto trading and investment activities. The insights from this survey provide valuable information for stakeholders in the cryptocurrency ecosystem to better understand and cater to the needs of Chinese-speaking users.
