Overview of Virtual Currency Regulatory Policies in Mainland China
Since September 2021, ten departments including the People's Bank of China (PBOC) jointly issued a notice, clarifying that virtual currency-related business activities are illegal financial activities. This policy stance has since been continuously strengthened, including multiple reiterations and supplementary notices from the People's Bank of China (PBOC) and other departments in November 2025 and February 2026, emphasizing that mainland China consistently maintains a prohibitive policy stance on virtual currency-related business activities. This means that within mainland China, any organization or individual engaging in virtual currency trading, exchange, issuance, financing, or other related activities is illegal. Overseas virtual currency exchanges providing services to residents in mainland China via the internet are also deemed illegal financial activities and will be subject to strict monitoring.
Under this regulatory framework, there are currently no officially recognized or legally operating "regular" virtual currency trading platforms in mainland China. All exchanges registered in mainland China have either closed or moved overseas. Any platform claiming to offer direct purchase of cryptocurrency with RMB may be involved in illegal activities, and users participating in such transactions face risks to their fund security and legal risks.
Regarding the legal status of individuals holding virtual currency, Chinese courts generally consider cryptocurrencies to have economic value and to be virtual property protected by law. However, since the issuance of the regulatory notice in 2021, courts have become increasingly cautious when adjudicating the legality of cryptocurrency transactions, typically ruling that cryptocurrency transactions are not protected by law, and any losses arising therefrom are to be borne by the participants themselves.
Introduction to Major Global Virtual Currency Trading Platforms
Given the strict regulatory policies in mainland China, this site does not provide any trading platform recommendations or operational guidelines for users in mainland China. The platforms listed below are well-known overseas virtual currency trading platforms with a large user base globally. Please be aware that the use of these platforms must comply with the laws and regulations of the user's jurisdiction. If you are in a region where virtual currency trading is prohibited, please do not attempt to use them.
- Binance (Binance): As one of the world's largest cryptocurrency exchanges, Binance offers a wide range of trading services, including spot, futures, and wealth management. As of August 2026, its 24-hour trading volume is approximately 3.3 billion USD, supporting trading of over 800 cryptocurrencies. Users can check its latest market data and project information on platforms like Svmuu.
- OKX (OKX): A leading global cryptocurrency trading platform, offering diversified services such as spot, futures, and DeFi. As of August 2026, OKX's 24-hour trading volume is approximately 600 million USD, supporting over 550 cryptocurrencies.
- Bybit: Stands out in the derivatives trading sector, serving over 200 countries and regions worldwide. As of August 2026, Bybit's 24-hour trading volume is approximately 800 million USD, supporting about 750 cryptocurrencies.
- Gate.io: Known for its technical stability and security, serving over 150 countries globally. As of August 2026, its 24-hour trading volume is approximately 600 million USD, supporting trading of over 1700 cryptocurrencies.
- KuCoin: Supports trading of various virtual currencies and futures, and provides a multilingual customer service team. This platform has a wide user base globally.
These platforms typically offer trading pairs for various cryptocurrencies and support multiple fiat currency deposit and withdrawal channels (depending on the compliance requirements of each jurisdiction). When choosing any trading platform, users should fully understand its compliance, security, fee structure, and the legal risks in their own location.
