Overview of Virtual Currency Trading Policies in Mainland China
Regulatory policies regarding virtual currencies in Mainland China have always been very strict. As early as 2013, five government departments—including the People's Bank of China (PBOC)—jointly issued a notice clarifying that Bitcoin is a specific type of virtual commodity and should not be circulated or used as currency in the market.
In 2021, ten government departments—including the People's Bank of China (PBOC)—further issued the “Notice on Further Preventing and Addressing Risks Associated with Virtual Currency Trading and Speculation,” clarifying that virtual currencies such as Bitcoin, Ether, and USDT do not possess the same legal status as fiat currency. Conducting virtual currency-related business activities within China constitutes illegal financial activity and is strictly prohibited in all cases.Overseas virtual currency exchanges providing services to residents within China via the internet are also subject to this prohibition.
In February 2026, eight departments—including the People's Bank of China (PBOC)—jointly issued the “Notice on Further Preventing and Addressing Risks Related to Virtual Currencies and Other Matters” (“Document No. 42”), reiterating that virtual currency-related business activities constitute illegal financial activities and are strictly prohibited within China.The notice also introduced new provisions prohibiting overseas entities from illegally providing virtual currency-related services to domestic entities in any form, and explicitly stipulates that, without approval, domestic entities and the overseas entities they control may not issue virtual currencies overseas.
Consequently, within mainland China, any business activities related to virtual currencies—including trading, issuance, exchange, and information intermediary services—are considered illegal and are strictly prohibited and subject to enforcement actions.
Virtual Currency Trading Platforms Available to Mainland China Users
Although virtual currency trading activities are prohibited within mainland China, some globally renowned virtual currency trading platforms continue to provide services to mainland Chinese users through compliant channels. These platforms are typically registered and operated overseas and support RMB deposits and withdrawals via methods such as P2P (peer-to-peer) trading. The following are some platforms with high industry recognition and a large user base:
- Binance (Binance): Binance is one of the world’s largest cryptocurrency exchanges, founded in 2017 and headquartered in Malta. Binance is renowned for its security, extensive asset selection, and high liquidity. It offers various services, including spot trading and futures trading, and operates its own public blockchain and ecosystem projects. Binance It supports trading in hundreds of cryptocurrencies, and its Bitcoin spot trading volume once accounted for over 70% of the global Bitcoin total trading volume. The Binance app is available in multiple languages, including Simplified Chinese, and supports RMB deposits via P2P trading.
- OKX (OKX): Founded in 2017, OKX (formerly OKEx) is a leading global digital currency trading platform headquartered in the Seychelles, East Africa (formerly in Beijing). OKX offers spot and derivatives trading, as well as financial products for over 300 cryptocurrencies, including Bitcoin and Ethereum. OKX also supports Simplified Chinese and provides flexible trading options such as C2C coin purchases.
- Gate.io: Founded in 2013, Gate.io provides trading services for a variety of digital currencies worldwide and has gained attention for its extensive altcoin catalog and support for CNY P2P trading.
- KuCoin: Founded in 2017, KuCoin supports trading in various cryptocurrencies and futures, and offers a multilingual customer service team, including support in Simplified and Traditional Chinese. With over 45 million users across more than 200 countries and regions worldwide, KuCoin provides trading services for over 1,000 digital assets.
- HTX (formerly HTX, Huobi): HTX is one of China’s earliest cryptocurrency trading platforms, founded in 2013, with a massive global user base. HTX is renowned for its secure and stable services, supports trading of multiple mainstream cryptocurrencies, and offers spot and futures trading, among other services.
Important Notice:
- Compliance Risks: Although the platforms listed above operate overseas, regulatory policies in Mainland China explicitly prohibit overseas cryptocurrency exchanges from providing services to residents within the country. Therefore, users in Mainland China must assess the potential compliance risks associated with using these platforms on their own.
- Identity Verification (KYC): Most major trading platforms require users to complete real-name verification (KYC). Some platforms accept Mainland Chinese passports and second-generation ID cards for KYC.
- Fund Security: Choosing a large, well-reputed exchange platform is a relatively safer option. At the same time, users should pay attention to the platform’s security measures, such as cold wallet storage and multi-signature authentication.
- Investment Risks: Cryptocurrencies are extremely high-risk investment assets subject to severe price volatility; investors may lose their entire investment. Be sure to conduct your own research and make your own judgment before investing, and fully understand the associated risks.
How to Choose a Cryptocurrency Trading Platform
When selecting a cryptocurrency trading platform, users should consider the following key factors:
- Security: The platform’s security measures are crucial, including how user funds are stored (cold wallets/hot wallets), multi-factor authentication, and protection against DDoS attacks.
- Trading Volume and Liquidity: Platforms with high trading volume typically offer better liquidity, allowing users to execute trades more quickly and obtain better prices.
- Supported Cryptocurrencies: Choose a platform that supports the cryptocurrencies you wish to trade based on your investment needs.
- Trading Fees: Understand the platform’s trading fees, withdrawal fees, and other associated costs.
- User Experience and Customer Service: A user-friendly interface, comprehensive trading tools, and timely customer support can enhance the trading experience.
- Compliance: Understand the regulatory policies of the platform’s jurisdiction, as well as any service restrictions for users in different countries and regions.
Users can refer to data platforms such as CoinMarketCap and Feixiaohao to view rankings, trading volumes, supported cryptocurrencies, and other information about global cryptocurrency exchanges to aid in their decision-making.
