Legality and Policies of Virtual Currency Trading Platforms in Mainland China
Regarding the question of "China's only legal virtual currency trading platform," the answer is clear: As of September 9, 2026, there are no approved, regulated, or legal virtual currency trading platforms within mainland China. The Chinese government maintains a strict prohibition on virtual currency trading and related activities, and has repeatedly issued notices clarifying that virtual currency-related business activities are illegal financial activities.
- Policy Evolution: As early as 2013, the People's Bank of China and other departments classified Bitcoin as a virtual commodity, prohibiting financial institutions from involvement. On September 4, 2017 ("94 Announcement"), token issuance financing (ICOs) was further banned, and domestic cryptocurrency exchanges were shut down. On September 24, 2021 ("924 Notice"), virtual currency-related business activities were explicitly defined as illegal financial activities, emphasizing that overseas virtual currency exchanges providing services to residents within China are also illegal. Subsequently, on February 6, 2026, the People's Bank of China and other departments reiterated this stance, prohibiting overseas entities and individuals from illegally providing virtual currency-related services to domestic entities.
- Legal Risks: In mainland China, participating in virtual currency trading may be deemed an illegal financial activity, and severe cases may face administrative penalties or even criminal liability. Although the Shanghai Higher People's Court pointed out on November 18, 2024, that merely holding virtual currency by individuals is not illegal, the legal risks of trading activities are extremely high. Courts generally believe that cryptocurrency trading is not within the scope of legal protection, and related civil acts may be ruled invalid, with participants bearing their own losses.
- Exploration in Hong Kong: Unlike mainland China, the Hong Kong Special Administrative Region has established a licensed regulatory framework for virtual assets under the principle of "structured and regulated." According to the Hong Kong Securities and Futures Commission (SFC), only exchanges holding Type 1 and Type 7 licenses can legally and compliantly provide virtual asset trading services to retail and institutional investors in Hong Kong, such as OSL Exchange.
Major Global Cryptocurrency Trading Platforms (Outside Mainland China)
For global readers, there are numerous cryptocurrency trading platforms operating compliantly within their respective jurisdictions. Below are some of the widely popular and sizable platforms globally. Please note that these platforms do not provide services to users in mainland China, and mainland Chinese users who attempt to use them do so at their own legal and financial risk.
- Binance: As one of the world's largest cryptocurrency exchanges, Binance was founded in 2017, offering various trading services including spot, futures, and options, supporting over 100 cryptocurrencies. As of April 7, 2025, its asset size was approximately $12.85 billion, with a 24-hour trading volume of $19.025 billion. Binance has faced compliance challenges and reached a settlement with US authorities in November 2023, paying a $4.3 billion fine.
- OKX: OKX is one of the leading global cryptocurrency exchanges, offering diverse services such as spot, futures, and DeFi, with a strong presence in the Asian market. As of April 7, 2025, its asset size was approximately $17.1 billion, with a 24-hour trading volume of $16.05 billion.
- HTX (Huobi): HTX is another globally renowned digital currency trading platform, offering trading services for over 700 cryptocurrencies. As of April 7, 2025, its asset size was approximately $4.52 billion, with a 24-hour trading volume of $31.075 billion.
- Gate.io: Founded in 2013, it is one of the earliest cryptocurrency exchanges globally, supporting over 5100 crypto assets and boasting over 60 million registered users.
- Coinbase: As a US-based cryptocurrency exchange, Coinbase is a representative of compliant trading in the United States.
- Bybit: Founded in 2018, known for its derivatives trading, it serves over 200 countries and regions and is favored by users for its user-friendly interface and top-tier liquidity. As of April 7, 2025, its asset size was approximately $210 million, with a 24-hour trading volume of $1.59 billion.
- Bitget: Founded in 2018, it features "one-click copy trading" and "0-fee spot trading," with over 25 million users. As of April 7, 2025, its asset size was approximately $60 million, with a 24-hour trading volume of $12.08 billion.
- Crypto.com: Offers services for buying, selling, storing, and trading over 400 cryptocurrencies, known for its security and reliability.
- Kraken: Another well-known US cryptocurrency exchange.
- Upbit: One of the major cryptocurrency exchanges in South Korea.
- MEXC: Built by a Wall Street quantitative team, deeply cultivating the decentralized trading ecosystem. As of April 7, 2025, its asset size was approximately $55 million, with a 24-hour trading volume of $410 million.
- KuCoin: Positioned as a "people's exchange," serving over 220 countries and regions, with over 30 million users.
Market Outlook and Risk Warning
Despite the Chinese government's continued strict regulation of virtual currencies, the global cryptocurrency market continues to evolve. Analysts point out that demand for cryptocurrencies still exists in some regions, but users must be wary of potential legal and financial risks. For any cryptocurrency trading activity, it is essential to fully understand the laws and regulations of the relevant jurisdiction and carefully assess the risks.
