Despite the imposed restrictions, Bitcoin trading in China continues to thrive through direct trading methods on prominent exchanges like Binance and OKX, as emphasized by Hayes. He pointed out that the bans on the BTC/CNY pair are merely a facade to hide the depreciation of the Chinese currency. Hayes further expressed his belief that the Chinese government is well aware of the impossibility of completely banning Bitcoin, which is why they would rather have people disregard it.
