Chinese investors have not given up on cryptos, despite tightened regulation and the withdrawal of two major platforms – Binance and Huobi – from the country, South China Morning Post (SCMP) reports.
Some investors whose identity has not been disclosed said some cryptocurrency holders intend to continue trading using VPNs, foreign mail services without identification systems and less centralized exchanges.
Investors may be switching to decentralized trading platforms, one investor said. But in this case, the risks of hacking accounts and losing funds remain, he said.
We should remember that Beijing has earlier sharply increased its pressure on the cryptocurrency industry. Against this backdrop, the media reported more than two dozen companies related to digital assets have announced they are abandoning the Chinese market.
In June 2021, Huobi closed access to crypto derivatives trading to Chinese and British investors.