Overview of Virtual Currency Regulatory Policies in Mainland China
In September 2021, ten government agencies—including the People's Bank of China (PBOC)—jointly issued a notice explicitly classifying virtual currency-related business activities as illegal financial activities and comprehensively banning services related to virtual currency settlements and the provision of trader information. This policy set a strict tone for the virtual currency market in Mainland China.Subsequently, on February 6, 2026, eight government agencies—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”), which further reaffirmed and reinforced this stance.The notice explicitly states that virtual currencies do not possess the legal status of legal tender, and any business activities related to virtual currencies are illegal, strictly prohibited, and subject to elimination in accordance with the law.Notably, Document No. 42 also specifically emphasized that services provided by overseas virtual currency exchanges to residents within China via the internet also constitute illegal financial activities. Furthermore, without prior approval, domestic entities and the overseas entities they control are prohibited from issuing virtual currencies overseas, demonstrating a trend toward “long-arm jurisdiction” in regulation.
Withdrawal of Overseas Trading Platforms and Its Impact
Following the issuance of the ban in September 2021, several major global virtual currency trading platforms—including Binance (Binance), OKX (formerly OKEx), and HTX (Huobi, now HTX)—successively announced the phasing out of mainland China users to comply with mainland China’s regulatory requirements.These platforms ceased providing trading services to Mainland China residents and switched relevant accounts to “withdrawal-only” mode.This move has effectively cut off the official channels for Mainland China users to trade cryptocurrencies through mainstream platforms. Nevertheless, as of this writing, some Mainland China users are still attempting to access overseas platforms through various unofficial channels, though doing so carries significant legal and operational risks.
Access to and Risks of Android Cryptocurrency Apps
Given Mainland China’s comprehensive ban on cryptocurrency trading, any software providing cryptocurrency trading services—whether available in official app stores (such as the Android app store in Mainland China) or through third-party channels—cannot be legally obtained or used. Major Android app stores do not list such applications. Even if users download and install them through unofficial channels, they may face the following risks:
- Legal Risks: Participating in cryptocurrency trading is itself deemed an illegal financial activity in mainland China and may result in legal prosecution.
- Fund Security Risks: Software downloaded from unofficial channels may contain malicious code, leading to the leakage of personal information or the theft of assets.
- Platform Risks: Even overseas platforms may be deemed illegal by Chinese regulatory authorities if they provide services to residents of mainland China, posing the risk of being blocked at any time or being unable to withdraw funds.
- Technical barriers: Accessing overseas platforms typically requires circumventing internet restrictions, which in itself may pose additional technical and legal risks.
Regulatory Crackdowns and Potential Risks
The Chinese government continues to maintain a high-pressure crackdown on illegal financial activities related to virtual currencies.For example, in December 2025, the People's Bank of China (PBOC) reaffirmed its determination to continue cracking down on illegal financial activities related to virtual currencies. Regulators pointed out that the anonymity and cross-border nature of virtual currencies make them susceptible to being used for criminal activities such as money laundering, fraud, illegal fundraising, and illegal cross-border fund transfers, posing a serious threat to national financial security and social stability.As of the end of 2023, mainland China had handled a large number of financial regulatory cases involving cross-border cryptocurrency platforms, with cumulative fines exceeding 12 billion yuan, fully demonstrating the strictness of the regulations and the rigor of their enforcement.
Conclusion
In summary, mainland China currently enforces a comprehensive ban on virtual currency-related activities, including trading, issuance, and the provision of services to domestic residents by overseas platforms. For Android users in mainland China, downloading and using virtual currency trading apps not only presents significant technical obstacles but, more importantly, such actions are explicitly deemed illegal and may entail serious legal and financial risks.It is recommended that residents of mainland China strictly comply with local laws and regulations and refrain from engaging in virtual currency-related activities.
