China banned crypto, nomatter where trading takes place
US regulators are also looking at doing something. Notably DeFi (Gensler).
China is experiencing energy shortages (Goldman downgraded China's growth forecast for this), and it might last months.
Still, any Chinese with a wallet could trade on permissionless decentralized exchanges where there is no KYC.
There are also VPNs and many Chinese live and work overseas where it could be impossible to prevent their trading crypto.