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Michael Foster, co-founder of decentralised exchange Local Ethereum, told Finance Magnates that Chinas over-the-counter market for cryptocurrency is currently booming. China is one its biggest sources of traders, and tens of millions of Yuan worth of ether have been traded on the exchange in 2018. Chinas long arm Companies and traders have been finding ways to get around the ban. As Robin Zhu, COO of Huobi, told Coindesk: If you have assets in an exchange and now you are prohibited from accessing it through a normal process, you definitely will rack your brain to get in there.
Huobi is one of the major Chinese cryptocurrency outfits that moved abroad since the crackdown began late last year.