Despite the numerous restrictions, Bitcoin trading in China continues to thrive through direct trading platforms such as Binance and OKX, as highlighted by Hayes. He firmly believes that the bans imposed on the BTC/CNY pair are merely a facade to mask the devaluation of the Chinese currency. Hayes further pointed out that the Chinese government is fully cognizant of the fact that an outright ban on Bitcoin is not feasible, which is why they instead prefer to divert people’s attention away from it.
