China’s Crypto Ban Proven Ineffective, What Can Other Nations Learn?
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China has been under a blanket crypto ban since September 2021, but it has not stopped its citizens from buying and selling digital assets. A recent report by Bloomberg found that a lot of Chinese investors were making credit claims from the FTX crypto exchange, despite a crypto ban in the country. Meanwhile, Binance and OKX also reported significant usage by Chinese citizens. Crypto Ban in China Difficult to Enforce The report found that 8% of FTX claims come from Chinese users, accounting for over 9 million customer accounts. The crypto ban has either been ineffective or loosely enforced, according to Caroline
Bankrupt crypto exchange FTX is asking the court to greenlight a plan that could potentially deny billions in creditor repayments to users in 49 countries where crypto faces legal restrictions. This could disproportionately impact Chinese users, who reportedly represent 82% of the affected claim value. Navigating Legal Minefields in Restricted…