Bobby Lee expects all OTC platforms in China to close

by in Cryptocurrency News

Bobby Lee

The Chinese authorities will continue to put pressure on the crypto sphere; soon, we should expect new prohibitive initiatives from the People's Bank. This point of view is shared by the ex-head of the BTCC exchange Bobby Lee.

On CoinDesk TV, he announced that over-the-counter (OTC) platforms are going to soon be leaving the Chinese market as well. While traders can still carry out transactions on such sites, access to them on the mainland of the PRC is likely to be closed.

This trend will be a direct result of the repressive policy of the People's Bank and the position of the country's authorities in general.

Recall that at the end of last week, the crypto market collapsed after the Central Bank of China announced the illegality of transactions with digital assets and banned the operation of trading platforms. After that, local investors flocked to decentralized platforms en masse.

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Lee stressed that in China, the transaction for the sale of bitcoin is going to become impossible. However, when visiting another state, a citizen of the PRC will have the technical capabilities for operations with cryptocurrency.

Despite being tough on the industry, Bobby Lee remains optimistic. According to his forecasts, Bitcoin will be able to reach $ 100,000 by the end of 2021.

Note that Bobby Lee left the post of head of the BTCC exchange two years ago, and then he created the company Ballet, which develops hardware wallets.