China crypto trading thrives in 'OTC' market despite restrictions

HONG KONG -- Cryptocurrency trading activity is on an upswing in China despite regulators' tight grip on the market, a new report shows, as investors look for alternatives to sluggish stocks in a slowing economy.

Trading volume in the China-based "over the counter" market -- where crypto buyers and sellers are connected directly through often concealed networks -- more than tripled to $23.7 billion in the second quarter of 2024 from the same period of 2021, New York-headquartered blockchain data platform Chainalysis said in a study released Wednesday.