Introduction China’s cryptocurrency market has faced years of growing governmental pressure, culminating in one of the world’s strictest regulatory environments. Despite these measures, Chinese crypto traders have demonstrated remarkable resilience, adapting by shifting their activities to over-the-counter (OTC) platforms, where trading continues to thrive. In 2024, China’s OTC crypto trading market has become a significant force, effectively bypassing strict government regulations. This article examines the reasons behind the success of