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Despite stringent regulations imposed in 2021, cryptocurrency trading persists in China through covert operations. Brokers like Chen Xin facilitate the conversion of large sums of Chinese yuan into cryptocurrencies such as Tether, enabling individuals to circumvent the annual $50,000 foreign exchange cap and, in some cases, launder money. These transactions often occur via over-the-counter trading and peer-to-peer networks, complicating governmental tracking and enforcement. Between late 2023 and mid-2024, approximately $95 billion was funneled through Chinese over-the-counter brokers, challenging Beijing’s economic control and fueling global demand for cryptocurrencies.
Authorities have responded by prosecuting large-scale offenders and issuing community advisories against crypto trading. However, sophisticated methods such as VPN access, shell company registrations, and messaging app coordination for peer-to-peer transactions have allowed these activities to persist, undermining government crackdowns and regulatory measures.
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**Fun Fact Of The Day**
Despite strict regulations, China was once home to about 65% of the world's Bitcoin mining operations before the 2021 crackdown.
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