CryptoWallCity vs MEXC Exchange

Deribit and OKX attract massive traffic from China despite the bans

Data from website traffic provider Similarweb shows that Deribit and OKX continue to attract significant traffic sources from China despite the comprehensive ban on crypto exchanges and exchanges. abroad last year.

China has banned the use of cryptocurrencies more than a dozen times over the past decade. However, the level imposed last September is considered the harshest.

Several crypto exchanges including Huobi and Binance have closed their doors to Chinese traders over fears of regulatory action. Tight regulatory reforms have ensured that Chinese merchants have mainly shifted their focus to decentralized exchanges and protocols (DEXs).

Chinese crypto traders are always finding a way to bypass the strict crypto regulatory measures imposed by the government. While many believe that a total ban on the use of cryptocurrencies would be a death toll for the largely underground crypto market in China, geo-traffic data suggests otherwise. .

A report highlighted an increase in VPN usage by Chinese merchants following the comprehensive ban. Recent data from Similarweb verifies that Chinese traders are still flocking to centralized derivatives platforms like OKX and Deribit.

Huobi is the top choice of Chinese crypto traders as they accounted for more than 30% of trading volume prior to the ban. However, currently Deribit leads the rankings in terms of Chinese traffic with 12% market share, followed by OKX with 9.6%.

Traffic Sources on Cryptocurrency Exchanges. Source: Similarweb
Traffic Sources on Cryptocurrency Exchanges. Source: Similarweb

Another prominent reason for the increase in traffic on derivatives exchanges could be the lack of strict Know Your Customer (KYC) measures when compared to measures like Huobi and Binance.

Geographic data shows that Russia, South Korea, the United States, and Turkey are the biggest sources of traffic on centralized exchanges like Binance and Coinbase. Bybit and FTX were the most visited crypto exchanges in April.