A document revealed that China was one of the biggest crypto markets for the FTX crypto exchange despite the “China Crypto Ban 2021” laws.
Before 2022, China was one of the biggest crypto markets, where crypto mining activities were at peak levels. Due to the low electricity tariffs, approximately 75% of the crypto mining operations were dependent on only China. But in mid of 2021, China imposed a national ban on cryptocurrencies & also kicked out all crypto-linked companies from mainland China.
According to a document, related to the customers of the bankrupt FTX crypto exchange, Cayman Island accounts for the highest share of customers at 22%, followed by the Virgin Islands at 11%. These two regions are better for the crypto sector because of the very low tax on crypto trades (profits).
In the list of these FTX customers from 27 countries, there was China accounted for approximately 8% of the customers.
Here it is strange that how is this possible. Because Crypto is fully banned in china. A few reports noted that some people from China are still stuck in love with cryptocurrencies & they use foreign crypto exchanges via VPN tools.
A few reports noted that there are chances that the document shared all the past & present registered users’ details and probably these were those Chinese customers, who registered their account on FTX before 2022 and now they are not in crypto anymore, thanks to the strict laws of China which have the provision of jail & big fines over the use of cryptocurrencies.