China's Communist Party government has tightened its control of crypto trading.
Bloomberg with a piece on the greater use of over-the-counter platforms and peer-to-peer networks since domestic exchanges were banned in 2017
- OTC platforms operated by firms including Huobi and OKEx are used to arrange trades
- separate payments platform are used to send yuan to the seller
- digital coins usually held in escrow by the OTC platform until the yuan payment clears, are then transferred to the buyer
- Chinese regulators often have no way to connect one step of the transaction to the other.