A real cryptocurrency alternative named Binance has been charged with conducting deals of $90 billion on China’s blacklisted market. The Wall Street Journal reports that the exchange purportedly employed over-the-counter trading desks to get around China’s stringent capital limits, allowing traders to exchange large amounts of cryptocurrency without adhering to conventional order books. Regulators in the US, the UK, and Japan have expressed concerns about the alternative’s compliance with anti-money laundering legislation criteria despite Binance’s denial of the charges.
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Binance is accused of transacting $90 billion in illegal cryptocurrency on the Chinese market!
By Kushal Ghale
