[mytailorisrich]

One thing to keep in mind about China, and their clampdown on crypto: The Chinese currency is not freely exchangeable and there are strict capital controls on sending money abroad. Each person is only allowed to convert/transfer $50,000 per year, for instance.

With the increased wealth and foreign interactions (study, travel, investment) of the Chinese people there is a huge demand for bypassing these limitations even for legitimate purposes and legal money.