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Chinese Users of the Binance and FTX Exchanges Show Holes in Beijing’s Crypto Ban
Cryptocurrency trading is prohibited in China since September 2021, but the latest reports reveal that the country’s citizens continue to buy and sell digital assets. Despite the Chinese government’s strict measures to ban crypto trading, Chinese users of the Binance and FTX exchanges demonstrate holes in Beijing’s crypto ban. This article discusses how the Chinese are using these platforms and why they are turning to crypto as an investment alternative.
Holes in Beijing’s Crypto Ban
The Chinese government has been actively banning cryptocurrency trading and mining since 2017, citing concerns over illegal activities and financial risks. However, the country’s crypto industry continues to thrive, and Chinese citizens are finding ways to trade digital assets.
Binance and FTX, two of the largest cryptocurrency exchanges in the world, have a considerable user base in China. According to a report by The Block, Chinese users account for around 8% of FTX’s user base. This figure is significant, considering the ban on cryptocurrency trading in the country.
This revelation indicates that the Chinese are bypassing the government’s ban by using VPNs and other tools to access these exchanges. The Chinese government has been…
