Deribit and OKX attract significant traffic from China despite a blanket ban: Report

Information from web site site visitors metric supplier Similarweb reveals that Deribit and OKX proceed to draw vital site visitors sources from China regardless of a blanket ban on crypto transactions and overseas exchanges final yr.

China has banned using cryptocurrencies greater than a dozen instances within the final decade. Nonetheless, the one imposed in September final yr was thought-about the harshest one.

A number of crypto exchanges together with Huobi and Binance had shut doorways for the Chinese language merchants in worry of regulatory motion. The strict regulatory reforms ensured that Chinese language merchants primarily shifted their focus to decentralized exchanges (DEXs) and protocols.

Chinese language crypto merchants have at all times discovered a option to bypass strict crypto regulatory measures imposed by the federal government. Whereas many believed the blanket ban on crypto use could be a loss of life sentenc for the largely underground crypto market in China, geographical site visitors information reveals in any other case.

A Cointelegraph unique report highlighted the rise in using VPNs amongst Chinese language merchants after the blanket ban. Latest information from Similarweb verifies that Chinese language merchants are nonetheless flocking to centralized derivatives platforms reminiscent of OKX and Deribit.

Associated: Residents of three Chinese language cities paying taxes and expenses with digital yuan

Huobi was the first selection of Chinese language crypto merchants as they accounted for greater than 30% of the buying and selling quantity on the alternate earlier than the blanket ban. Nonetheless, now Deribit leads the chart when it comes to Chinese language site visitors with a 12% share, adopted by OKX with 9.6%.

Geographical Visitors Supply For Crypto Exchanges Supply: Similarweb

One other distinguished cause for the rise in site visitors on spinoff exchanges could possibly be the shortage of strict Know Your Buyer (KYC) measures when in comparison with the likes of Huobi and Binance.

The geographical information reveals that Russia, South Korea, the US and Turkey had been the most important site visitors supply on centralized exchanges like Binance and Coinbase. Bybit and FTX had been probably the most visited crypto exchanges within the month of April.