China’s Central Television Warns of the Risks of Cryptocurrency OTC Trade

Ever felt curious how Chinese trade cryptocurrency exchanges are closed? Last Saturday November 11, China’s Central Television (CCTV-13) aired a program about bitcoin over the counter trading in the country.

OTC Bitcoin Commercials Clustering Wechat Groups

The program reveals that advertisements about cryptocurrency OTC trading have been clustering WeChat groups like a virus over the past month. The channel’s news reporter also interviews early bitcoin adopter Wang who demonstrates how easy it is to trade through OTC.

“It’s as simple as sending an email,” says Wang. He teaches the reporter to download a bitcoin wallet and sends her some bitcoin by scanning her QR code. Wang continues to demonstrate how to trade at OTC platforms like Localbitcoins.com.

No KYC Requirement Leaves Room for Illegal Transfer of Assets

According to CCTV’s broadcast, many Chinese cryptocurrency OTC platforms don’t ask for any KYC data. Users don’t have to register on some platforms to buy and sell with Wechat pay or Alipay, which leaves room for criminal activity…

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