Data from Binance and other exchanges has revealed that Chinese users have circumvented Beijing’s crypto ban.
More signs are emerging that Chinese citizens are trading cryptocurrencies. In FTX’s applications, it was stated that 8 percent of users are Chinese citizens.
Chinese Citizens Don’t Listen to Beijing’s Crypto Ban
Nineteen months after China banned crypto, data emerged that the country’s citizens transacted in digital assets. It is a matter of curiosity what will be the steps of China on the subject.
The Beijing administration introduced a regulation banning crypto last year. However, 8 percent of user applications seeking to recover their funds after FTX’s bankruptcy came from China.
It supports suspicions that some of China’s 1.4 billion people are violating Beijing’s September 2021 ban when seeking alternatives to investments such as property and stocks.
While China’s main goal in banning crypto is to protect its citizens against events like the collapse of FTX, it seems that users can easily bypass this ban. However, the steps that the government will take on crypto ban or crypto regulations in the future are a matter of curiosity.
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