Why China banned Crypto?

I found mostly cryptocurrencies and blockchain startup's were founded by Chinese engineers. World's largest crypto exchanges like Binance, Bybit, and HTX founded by Chinese entrepreneurs (diaspora included). Despite capitalising crypto in billions, Chinese government banned crypto trading in China. It's really interesting that a country banned crypto that can become the powerhouse of Web3 industry. I read in the news that many Chinese crypto investors moved to HongKong and Singapore. I want to know that if Chinese traders are still interested in Crypto.