China, the world's second largest economy, played an important role in crypto mining in the past. The party state under Xi Jinping made a big impact in the industry when it decided to ban cryptocurrencies altogether in September 2021.
Despite 1.5 years after the ban, the data reveals that Chinese citizens continue to access digital assets. The distribution of customers by region of the giant crypto trading platform FTX, which went bankrupt in November 2022, shows that the bans do not work.
According to the official document submitted to the American courts on November 22, 2022, 8% of FTX customers reside in China.
This situation makes citizens living in the country of prohibitions the 3rd largest customer of the bankrupt stock market, along with the UK. Cayman and Virgin Islands, which occupied the first 2 places, are referred to as off-shore regions.
Bans are Broken
The internet wall imposed by the Chinese government on citizens is being pierced through virtual networks. According to Bloomberg's report, Chinese investors can easily access Binance and OKX exchanges using VPN and similar tools. Some individuals who do not want to take risks prefer to obtain digital citizenship from off-shore islands.
