Regarding the question of whether virtual currency trading platforms and digital currency quantitative trading platforms exist within China, the answer is: Within mainland China, there are no “digital currency trading centers” or quantitative trading platforms that are legally recognized and authorized to conduct virtual currency exchange and trading activities.
China’s Regulatory Stance on Virtual Currency Trading
The Chinese government’s regulatory policy toward virtual currencies has consistently been strict and has continued to tighten.
- Early Regulation: As early as 2013, five government departments—including the People's Bank of China (PBOC)—issued the “Notice on Preventing Risks Associated with Bitcoin,” clarifying that Bitcoin does not possess the same legal status as currency and cannot circulate or be used as currency in the market. In 2017, in response to the frenzy surrounding ICOs (Initial Coin Offerings), seven government departments jointly issued an announcement prohibiting illegal token issuance and financing activities, characterizing them as unauthorized and illegal public fundraising.
- Comprehensive Ban: In September 2021, ten government departments—including the People's Bank of China (PBOC)—jointly issued the “Notice on Further Preventing and Addressing Risks Associated with Virtual Currency Trading and Speculation” (“September 24 Notice”), marking the entry of China’s virtual currency regulation into a phase of comprehensive phase-out. The notice explicitly stipulates:
- Virtual currencies do not possess the same legal status as fiat currency, and any business activities related to virtual currencies are illegal.
- Business activities such as exchanging fiat currency for virtual currency, exchanging one virtual currency for another, trading virtual currency as a central counterparty, and providing information intermediary and pricing services for virtual currency transactions are strictly prohibited and will be resolutely shut down in accordance with the law.
- Overseas virtual currency exchanges providing services to residents within China via the internet are also prohibited. Relevant authorities will strengthen monitoring of all related activities and hold accountable domestic personnel who assist these institutions in their operations or provide marketing, promotional, or technical support.
- Continued Enforcement: In November 2025, People's Bank of China (PBOC) convened the “Coordination Mechanism Meeting on Combating Virtual Currency Trading and Speculation,” bringing together 13 key departments, including the Ministry of Public Security, the Supreme People’s Court, and the Supreme People’s Procuratorate, to further intensify efforts to crack down on the virtual currency market. For the first time, the meeting explicitly stated that stablecoins are a form of virtual currency and pose risks such as money laundering and fundraising fraud. 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,” reaffirming the domestic policy of prohibiting virtual currencies. For the first time, the notice explicitly stipulated that, without prior approval, domestic entities and the overseas entities they control are prohibited from issuing virtual currencies overseas or issuing RMB-pegged stablecoins overseas.
The Current Status of Digital Currency Quantitative Trading Platforms in Mainland China
Under the aforementioned strict regulatory policies, any virtual currency quantitative trading platform operating within mainland China also falls under the category of illegal financial activities and is strictly prohibited.
- Illegality: Digital currency quantitative trading is essentially the automated buying and selling of virtual currencies based on algorithms and programs, and constitutes a form of virtual currency trading activity. Therefore, such platforms conducting business within mainland China also violate relevant laws and regulations.
- Risk Warning: The Chinese government has repeatedly emphasized that participating in virtual currency investment and trading activities carries legal risks. If any legal entity, unincorporated organization, or natural person invests in virtual currencies or related derivatives in a manner that violates public order and good morals, the relevant civil legal acts shall be deemed invalid, and any resulting losses shall be borne by the party concerned; if such activities are suspected of disrupting financial order or endangering financial security, the relevant authorities will investigate and handle them in accordance with the law. Individuals who purchase virtual currencies through over-the-counter (OTC) transactions may have their personal bank accounts frozen—or even face legal risks such as charges of “aiding and abetting illegal activities”—if the counterparty’s funds are linked to illegal activities.
Blockchain Technology and the Digital Yuan
It is worth noting that while the Chinese government takes a strict stance against virtual currency trading, it remains supportive of blockchain technology itself.
- Blockchain Technology: Enterprise-level consortium blockchain services, such as Ant Chain and Tencent Cloud Blockchain, provide technical support for real-world applications like supply chain finance and traceability, and are legal and compliant.
- Digital Yuan: People's Bank of China (PBOC) is actively advancing the research, development, and pilot testing of the Digital Yuan (e-CNY). This is a government-led legal tender digital currency that can be exchanged through operating institutions such as the Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of China, and is completely safe and legal.
In summary, although various cryptocurrency trading platforms and digital currency quantitative trading platforms exist globally (such as Binance and HTX, which previously offered quantitative trading services, and Pionex, a digital currency exchange that features built-in quantitative trading bots), these platforms are expressly prohibited within mainland China.Investors should be fully aware of the associated risks and steer clear of any platforms that promote or provide virtual currency trading services within China.
