In the last few years, the use of cryptocurrency has been banned in China a number of times, however, in September 2021, the country faced the most severe ban.
Even though international exchanges and various crypto transactions were banned in China in 2021, OKX and Deribit still proceed to get a significant number of visitors from the country.
In order to avoid any legal measures, many cryptocurrency exchanges, including Binance and Huobi, have decided to stop working with Chinese traders. According to the strict regulatory restrictions, such stockbrokers concentrated on DEXs and protocols.
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Additionally, Chinese cryptocurrency dealers have always managed to find ways to avoid the government’s rigorous crypto regulatory regulations. In fact, the geographical traffic data has proven that the ban on cryptocurrency usage didn’t put an end to China’s illegal crypto industry.
Moreover, the insufficiency of severe KYC measures might have contributed to a higher number of visitors to derivative exchanges.
The latest Similarweb statistics suggest that the Chinese stockholders are still converging to Deribit and OKX. Prior to the ban, the crypto exchange company Huobi was responsible for more than a third of the trading volume on the transactions as it was considered a top pick among Chinese cryptocurrency traders.
Finally, the top traffic sources for Coinbase and Binance were visitors from Russia, the US, South Korea, and Turkey, whereas last month, the most popular crypto exchanges were FTX and Bybit.
Back in April, the local authorities reviewed the digital asset promotions in Ireland. The regulators have launched an investigation into various promotional campaigns launched by cryptocurrency asset service companies.