Chinese crypto traders bypass prohibitions through over-the-counter trade

China's state news agency Xinhua urged the country's authorities to tighten measures to regulate crypto-currency trading. According to the results of the journalistic investigation, Chinese citizens continue to carry out crypto-currency transactions through OTC and foreign ICO, CoinDesk reports.

So, Xinhua employees after registration on sites such sites as Huobi Pro, were able to purchase bitcoins with the help of AliPay and other payment instruments. They pointed out that in November 2017, Chinese investors serviced more than 20 foreign OTC-sites located, in particular, in Hong Kong, Japan and the United States.

"The emergence of such platforms is another attempt to circumvent the regulator's legitimate demand," the news agency said.

Also, according to their information, some ICO projects that have moved abroad continue to conduct their activities.

"Although officially they are registered and release tokens abroad, key figures and investors are located in China," the journalists noted.

Proceeding from this, the representatives of Xinhua appealed to the authorities with a demand to strengthen control over the circulation of the crypto currency in the territory of China.

Recall that in early February, the Chinese authorities said that they intend to tighten regulation in the field of admission of local investors to foreign trading platforms and ICO.