Chinese Traders Use OTC Desks to Bypass Regulatory Hurdles: Report
- Date: 31-May-2021
- Source: Yahoo News
- Sector:Economy
- Country:Middle East
Chinese Traders Use OTC Desks to Bypass Regulatory Hurdles: Report
Chinese investors remain active in the crypto market, bypassing regulatory oversight by taking bets on domestic and foreign over-the-counter (OTC) desks.
According to a Bloomberg report published Monday, activity on OTC desks has picked up since the Communist Party reiterated its long-held ban on crypto services on May 18.
The initial response to the China news was panic selling, with bitcoin hitting a low of $30,000 the following day. Sentiment has since recovered, as evidenced by the bounce in the yuan-stablecoin tether (CNY/USDT) exchange rate.
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