From Nasdaq:

Chinese crypto trade is still very much alive, with Binance doing $90 billion in Chinese crypto trade last year. While China has cracked down on certain crypto activities, it has not fully banned crypto. People have interpreted the rules creatively, enabling crypto trade to continue through various means like VPNs and peer-to-peer trading. The Chinese government’s main goal seems to be to make trade more inconvenient and prevent mass investment. Hong Kong’s relatively welcoming stance on crypto suggests China isn’t trying to wipe crypto out completely. Despite these measures, China continues to be the biggest crypto market in the world.



Read more: China Never Completely Banned Crypto