Mainland China Bitcoin: Background and Current Status of Trading Policies
Since 2021, Mainland China has implemented a comprehensive ban on cryptocurrency trading and mining activities, and there are no longer any legally operating Bitcoin trading platforms within the country. The Chinese government continues to maintain a strict regulatory stance on cryptocurrency trading, aiming to prevent financial risks and promote the digital yuan (e-CNY).
As of the time of publication in July 2026, People's Bank of China (PBOC) continues to strengthen oversight of virtual currency trading and is cracking down severely on criminal activities such as money laundering and illegal fundraising.The Central Political and Legal Affairs Work Conference held in early 2026 proposed forward-looking legislative research on virtual currencies; however, this does not imply that policies will be relaxed in the short term, but rather signals that a clearer legal framework may be introduced in the future.Furthermore, the draft “Financial Law,” which concluded its public consultation period in April 2026, while not explicitly defining the legal status of digital currencies, grants financial regulatory authorities expanded “quasi-judicial powers,” which may impact the deposit and withdrawal of crypto assets as well as on-chain transactions in the future.
It is worth noting that some analysts believe mainland China may, in the future, use Hong Kong as a “white-glove” channel to allow qualified investors to participate in Hong Kong-listed spot ETFs (Bitcoin / Ethereum) through mechanisms such as the “Stock Connect” program. However, this would be a channel reserved for specific qualified investors and would not be directly open to ordinary retail investors.
International Trading Platforms Commonly Used by Mainland China Users
Despite strict policies, many Mainland China users still choose to trade Bitcoin through overseas cryptocurrency exchanges. These platforms typically offer Chinese-language interfaces and cater to Asian users. The following are some international trading platforms favored by Mainland China users as of this writing:
- Binance (Binance): As one of the world’s leading cryptocurrency exchanges by trading volume, Binance has consistently maintained a dominant market share. The platform is optimized for Chinese users; its C2C (peer-to-peer fiat trading) feature supports RMB deposits and withdrawals, and it has a rigorous risk control system. Binance It offers a wide range of products, including spot trading, futures, and wealth management, and operates the SAFU user protection fund, with the majority of user assets stored in cold wallets. As of the first quarter of 2026, its user asset reserves totaled approximately $152.9 billion, daily trading volume reached about $13 billion, and it had over 275 million registered users.
- OKX (OKX): As one of the world’s leading cryptocurrency exchanges, OKX is renowned for its robust financial derivatives trading capabilities, offering a variety of products including perpetual contracts, futures contracts, and options.The platform integrates a full-featured Web3 wallet, supports seamless switching between centralized trading and decentralized applications (DApps), and provides proof of reserves to enhance transparency.
- HTX (HTX): As a long-established digital asset service platform, HTX holds significant influence in the Asian market. The platform employs separate storage for hot and cold wallets along with multi-signature technology, ensuring a rigorous asset security and risk control system. It offers a diverse range of trading pairs and multilingual 24/7 customer service.
- Gate.io (Open Sesame): Gate.io is renowned for its extensive selection of listed cryptocurrencies, offering a wide range of tokens from early-stage and innovative projects. With a long operational history, the platform’s security system has been market-tested, and it provides various wealth management and value-added services, having been an early adopter of 100% margin audit proofs.
- Bybit: Bybit specializes in cryptocurrency derivatives trading and is known for its high-performance matching engine and system stability. The platform offers leverage options of up to 100x and advanced risk control mechanisms, and its customer service has received positive reviews from users.
- Bitget: Bitget is also one of the international trading platforms frequently used by users in mainland China, offering a diverse range of trading products and services.
- KuCoin: Since its founding in 2017, KuCoin has positioned itself as a “trading platform for everyone.” As of 2025, the platform has served users in over 220 countries and regions, with its user base exceeding 30 million.
Risks to Consider and Recommendations When Choosing a Trading Platform
For users in mainland China, trading on overseas platforms at Bitcoin involves multiple risks, so caution is essential:
- Policy Risks: Mainland China enforces extremely strict policies regarding cryptocurrency trading. When using overseas platforms, users must independently verify whether local laws and regulations permit such activities and assume the corresponding policy risks.
- Fund Security Risks: Be wary of any “unregulated exchanges” or “investment wallets” attempting to operate within China by exploiting legal loopholes. If these platforms are shut down or go bankrupt, it will be extremely difficult to recover your assets. It is recommended to choose international platforms with a good reputation, that provide proof of reserves, and have robust security measures in place.
- Market and Technical Risks: The cryptocurrency market is highly volatile, and prices may rise or fall sharply within a short period. Additionally, cryptocurrency platforms may face technical risks such as hacker attacks and system failures. It is recommended to diversify your investments, set stop-loss orders, and securely safeguard your account information and private keys.
- P2P Trading Precautions: Many overseas platforms support C2C (peer-to-peer) trading, allowing users to buy and sell stablecoins such as USDT using RMB via WeChat, Alipay, and other methods, and then trade them on Bitcoin. However, when conducting such transactions, it is essential to ensure the legitimacy of the funds’ source to avoid becoming involved in illegal activities such as money laundering or illegal fundraising.
- Criteria for Choosing a Platform: When selecting a trading platform, you should comprehensively consider factors such as security (e.g., cold storage ratio, proof of reserves, user protection fund), compliance (whether it holds licenses from major countries or regions), trading fees, Chinese language support, and user-friendliness.
