Chinese citizens persistently engage in cryptocurrency trading activities within the country, despite the ban imposed by Chinese authorities. According to reliable sources, they use popular cryptocurrency exchange platforms like Binance, FTX, OKX, and Huobi to conduct transactions.
As a result of this trend, a significant segment of China’s vast population, which amounts to approximately 1.4 billion people, is actively exploring alternative avenues for investment, gravitating towards cryptocurrencies and moving away from traditional options like stocks and property. This shift reflects their growing interest in the crypto market.
FTX’s creditor profile and personal statements from Chinese citizens actively trading on crypto platforms provide evidence for the continuous Chinese demand for digital tokens, contributing to the growing body of evidence supporting this claim.
Chinese citizens openly express their interest and active involvement in digital tokens, providing further evidence of sustained demand in cryptocurrency trading.
FTX’s most recent US bankruptcy documents reveal that advisors analyzed approximately 9 million client accounts and determined that China contributed 8% of FTX’s total revenue. The reports also indicate that creditors are demanding $11.6 billion.
Jack Ding, a partner at Duan & Duan Law Firm specializing in crypto regulations, informed Bloomberg that he currently represents approximately six Chinese creditors affected by the collapse of the FTX cryptocurrency exchange. Jack said these Chinese creditors are seeking around $10 million from FTX.
In March, reports circulated regarding Huobi Global’s offer to Chinese users, allowing them to apply for a “digital identity” with Dominica. These applications would display the users’ profiles as Dominican citizens.
Huobi responded promptly, asserting that it had completely withdrawn from the Chinese markets and had not allowed Chinese individuals to register. Huobi’s statement explicitly denied any involvement in facilitating the sign-up process for Chinese users.