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China crypto traders snub ban, remain active in crypto market

South Korean bank

China crypto traders amidst the ban placed on crypto in the country have continued to engage in their crypto activities regardless. This is according to a report by China National Radio (CNR), operated by the state.

The media outlet mentioned particularly that the Binance exchange, which began operation in China and has moved operations out of the country, remains active in the country. The state media outlet reported that China crypto traders and the community at large could access Binance exchange through a website.

Seamless KYC processes

Chinese crypto traders’ activity became news after a reporter working for China Central Television was able to register on the exchange and received BTC through the app. Before that, the exchange posted on its Twitter page updates alongside the binancezh.com link. The ‘zh’ is a short form of Zhongwen.

Reportedly, accounts can get registered through a link the exchange shared on Weibo. Other registration and KYC processes were also seamless even when operating in an area it was placed on a ban. Users are also able to complete facial verification through the exchange app, after which users can now purchase, send, and receive BTC.

Binance side to the China crypto traders snub

On questioning the exchange firm about its operation in China, which ought not to be, the exchange said that binancezh.com is only a test website, and most of its users are in Egypt. Amazon’s Alexa confirms this claim.

However, the exchange is said to be returning to the Chinese market in bits after it left the country years back. Recently, it was approved to get a Chinese domain’ binance.cn’ and wants to launch again into the china market.

The exchange firm also has started a research initiative under Binance Academy to aid growth in China.

China crypto ban

The country began its ban on crypto in 2017 when exchange firms in the country were asked to leave. Afterward, news began to circulate that authorities wanted a total shutdown on all crypto activities in the country.

After shutting down crypto activities in the country, reports were that the ban was not effective with China crypto traders being active using virtual private networks to bypass the firewall. Reportedly, the country’s fight against crypto is far from the end.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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