The last 24 hours have not been the best for the cryptocurrency market in these first days of the start of the month of August, this if we take into account the counter balance that has developed the price action of the main cryptocurrencies by market capitalization.

In the case of Bitcoin, at the time of writing this article, it fell back to $29,148, the equivalent of -2.0%, a movement that arose almost in parallel to the statements made by Binance executives denying the information about $90 billion in cryptocurrency operations in China.

Let us recall that according to information disclosed in The Wall Street Journal "Binance has continued to operate in China, despite the general ban on cryptocurrencies in the country, with monthly transactions amounting to billions of dollars."

It has been noted that "This is not the first time Binance has been accused of maintaining ties with Chinese customers after the country imposed its nationwide ban on cryptocurrencies. In March, Binance employees allegedly helped mainland Chinese customers circumvent its Know Your Customer controls."

In the weeks that followed, another news story was published claiming that Binance continued to maintain staff and operations in China, despite announcing its exit in 2017 following China's initial ban on cryptocurrencies.

SOURCES CONSULTED

Cointelegraph. Mixed signals: Binance denies reports of $90B in crypto trades in China". Link

OBSERVATION:

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Thebittimes

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