An Overview of Cryptocurrency Regulatory Policies in Mainland China
Mainland China’s cryptocurrency regulatory policies are among the strictest globally. Since 2017, the Chinese government has continuously tightened restrictions on virtual currency trading and mining.In September 2021, ten government agencies—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,” which explicitly stated that virtual currencies do not have the same legal status as fiat currency, and that any business activities related to virtual currencies constitute illegal financial activities.The notice also emphasized that services provided by overseas virtual currency exchanges to residents within China via the internet are similarly prohibited, and relevant authorities will strengthen monitoring of all related activities.
The Chinese government’s primary reasons for implementing the cryptocurrency ban include preventing financial risks, maintaining financial stability, combating illegal activities (such as money laundering, illegal fundraising, and fraud), and promoting the issuance of the digital yuan.
Despite the strict ban, some observers believe that cryptocurrency trading in mainland China has not completely ceased. While the personal holding and trading of cryptocurrencies are not illegal in China, such activities are not protected by law. However, participating in cryptocurrency trading may still entail legal risks, and users must understand and comply with the latest legal regulations.
OKX’s (OKX) Global Operations and Compliance Strategy
OKX (OKX) is one of the world’s leading cryptocurrency trading platforms. It is legally registered in the Bahamas, with major operational centers located around the globe. Although OKX had deep ties to the Chinese market in its early days, following the tightening of cryptocurrency regulations in mainland China in 2017, OKX has explicitly withdrawn its operational entities and staff from mainland China and ceased providing services to users in mainland China to ensure compliance.
As part of its globalization strategy, OKX has actively applied for and obtained regulatory licenses in Dubai, Hong Kong, Malta, and other locations, committing to operating under license worldwide. The platform continuously strengthens its KYC (Know Your Customer) and AML (Anti-Money Laundering) processes, enhances transaction transparency, and reinforces platform security.
For users in mainland China, OKX has implemented strict geographic restrictions, using IP address verification, GPS location tracking, and user-submitted identity documents to segment its services, thereby avoiding legal risks associated with actively facilitating transactions within restricted regions. However, OKX continues to serve the global Chinese user base through technological means. Its website and app retain support for Simplified Chinese, its customer service team is familiar with Chinese user habits, and C2C trading supports local payment methods such as Alipay and WeChat Pay, thereby indirectly meeting the needs of some mainland users.
Current Status and Risks of Cryptocurrency Trading for Mainland China Users
Although mainland China enforces strict regulations on cryptocurrency trading, some users still buy and sell cryptocurrencies on overseas platforms through methods such as P2P (peer-to-peer) trading. Some overseas trading platforms (such as Binance, OKX, Bitget, etc.) are still used by some Mainland China users. Typically, users must use a VPN to change their IP address to a location outside Mainland China to access and register on these platforms, and they must use their Chinese ID card to complete identity verification.
On these platforms, users can purchase cryptocurrencies such as Bitcoin through P2P transactions using Alipay, WeChat Pay, and bank cards. However, this method carries certain legal and financial security risks, such as the risk of bank accounts being frozen.
It is worth noting that Hong Kong, China, has adopted a relatively open policy toward cryptocurrencies. It issued the “Policy Statement on the Development of Virtual Assets in Hong Kong” in late 2022, transitioned to a mandatory VATP licensing system in June 2023, and approved Asia’s first BTC and ETH spot ETFs in April 2024. This has, to a certain extent, made Hong Kong the primary channel for mainland capital to access cryptocurrencies in compliance with regulations.
Selected global trading platforms (non-“domestic platforms”) of interest to Mainland China users
Given Mainland China’s regulatory policies, there are currently no legal “domestic cryptocurrency trading platforms.”However, some global cryptocurrency trading platforms continue to be followed and used by certain Mainland China users due to their early ties to the Chinese market or their support for Chinese-speaking users. These platforms are not “domestic platforms” but rather international platforms registered and operating overseas. According to market observations and reports from 2025 and 2026, the following platforms are frequently mentioned:
- OKX (OKX): As the world’s second-largest cryptocurrency exchange, OKX performs strongly across a variety of services, including spot trading, futures, and DeFi, and holds significant influence particularly in the Asian market. Although it no longer provides services to users in mainland China, features such as its Web3 wallet and decentralized exchange (DEX) continue to attract some users.
- Binance (Binance): As the “giant” of global cryptocurrency trading, Binance boasts a massive user base and trading volume. It offers trading services for a wide range of digital currencies and supports multiple payment methods for P2P transactions.
- Bitget: Known for its “one-click copy trading” and “zero-fee spot trading,” Bitget has seen rapid user growth and operates in multiple countries.
- Bybit: Excelling in derivatives trading, Bybit serves users in over 200 countries and attracts users with its user-friendly interface and top-tier liquidity.
- HTX (HTX): Since its founding in 2013, HTX has undergone significant development. Following a comprehensive upgrade, it now supports major cryptocurrencies and has expanded into the NFT and metaverse sectors.
- Gate.io (Sesame Open): With an extensive altcoin catalog and CNY P2P trading, it offers a variety of cryptocurrency trading services.
It should be emphasized once again that the platforms listed above are all international platforms registered and operated overseas, and it is illegal for them to provide services in mainland China. Users in mainland China should fully understand and assess the relevant legal and financial risks when engaging in cryptocurrency trading.
