FTX's Chapter 11 bankruptcy filings showed several Chinese users in the creditor profile. Some Chinese traders reportedly fulfilled KYC formalities using Chinese identification.
China’s ban on crypto trading has reportedly failed to deter some citizens from accessing crypto exchanges to trade crypto assets.China’s ban on crypto appears to have had a lesser impact on its citizens’ trading than previously believed. More than a year and a half after the country enforced its crypto ban, citizens still engaged in crypto trading.
The evidence of Chinese nationals flouting the ban enforced by Beijing can be found in the creditor profile of crypto exchange FTX’s Chapter 11 bankruptcy filing. The filings showed that traders in China accounted for 8% of the bankrupt crypto exchange’s total users, which exceeds 9 million. According to Duan & Duan Law Firm’s Jack Ding, the ban on crypto trading is hard to enforce and largely contingent on the compliance policy of crypto exchanges. Ding represents six of FTX’s Chinese creditors who hold $10 million in FTX claims.and OKX, despite the crypto ban. Some of these traders reportedly passed Know Your Customer formalities using Chinese identification, which highlights the lapse in compliance by crypto exchanges.
OKX declined to comment on Bloomberg’s report. However, a Binance spokesperson stated that the exchange does not operate in mainland China
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