Chinese Crypto Traders Persist in Bypassing Trading Ban Despite Government Crackdown
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Chinese traders are using social media and peer-to-peer meetings to bypass the country's crypto trading ban, with popular meeting spots in cities like Chengdu and Yunnan.
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Traders are using diverse payment methods like cash, bank transfers, and VPNs to access foreign exchanges with forged documents.
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Despite China's crypto ban since 2013, crypto activities continue to thrive - Chainalysis ranks China 3rd in Asia for crypto activity.
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China received $86.4 billion in crypto transactions in 2022-2023, showing the difficulty in policing the sector.
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Chinese traders persistently find ways to gain access, underscoring challenges governments face in prohibitive regulation.