China may be cracking down on cryptocurrency activities with all its might, throwing thunder and lightning down from above, but some crypto users on the ground are finding creative cover and new ways to continue their crypto investing as usual.
As more and more crypto exchanges have announced plans to stop registering mainland Chinese users and phase out existing users there, many investors on the mainland are making efforts to register companies overseas to bypass the know-your-customer (KYC) checks, which could allow them to trade crypto as corporations, as reported by local media Beijing Business Today.
This has seen business opportunities emerge for intermediaries. Many vendors on Taobao, China’s major e-commerce marketplace owned by Alibaba, are taking the chance to provide intermediary services for those mainland investors.
