Asia: Despite Banning Cryptocurrency Exchanges, Profits Continue to Grow
Due to China’s cryptocurrency market closure, many underground traders have been sprung up and they have found other ways to enable cryptocurrency trading and exchanges.
At first, the trading was conducted though closed groups on messaging platforms or even through meetings in bars between buyers and sellers. Then, peer-to-peer platforms have become the point for over-the-counter cryptocurrency trading, making it more difficult for regulators to control and police it.
Lastly, as Mr Grewell (professor at NYI in Shanghai) said bank transfers between buyers and sellers is another common and more safe way, as it is very difficult to trace those transfers as cryptocurrency transactions.