Overview of Mainland China's Bitcoin Regulatory Policies
Since September 2021, Mainland China's regulatory stance on virtual currencies has been clear and strict. Ten government departments, including the People's Bank of China (PBOC), jointly issued a notice explicitly stating that virtual currencies do not possess the same legal status as fiat currency, and any virtual currency-related business activities are deemed illegal financial activities. This policy covers all aspects, including virtual currency trading, mining, and overseas virtual currency exchanges providing services to residents within China.
Since then, regulation has continuously escalated and become normalized. For example, in February 2026, eight departments, including the People's Bank of China (PBOC), further emphasized that virtual currencies do not have legal tender status and should not circulate as currency, and prohibited companies from including terms like "virtual currency" in their registered names and business scopes. Regulatory agencies utilize big data, artificial intelligence, and other technologies to strengthen monitoring of information and capital flows, aiming to combat illegal activities such as cross-border money laundering and illegal fundraising.
Major Trading Platforms and the Mainland China Market
In response to Mainland China's regulatory policies, major cryptocurrency trading platforms, including Binance, OKX (formerly OKEx), and HTX (formerly Huobi), ceased new user registrations for Mainland China residents and orderly delisted existing users before the end of 2021. This means that these platforms no longer provide any virtual currency trading services to Mainland China residents.
Despite strict prohibitions, market data (unofficial) once showed that in a certain month in 2023, the trading volume of some overseas platforms in Mainland China still reached a high level, indicating that some Mainland China users continue to participate in trading through unofficial or grey channels. However, this method of participation carries extremely high legal and financial risks.
Risks and Compliance Warnings for Mainland China Users
For Mainland China residents, participating in virtual currency trading activities poses significant risks. The Chinese government believes that virtual currency trading speculation disrupts economic and financial order, gives rise to illegal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering, and severely infringes upon the property safety of the people. Personal holding or trading of cryptocurrencies in Mainland China may not be protected by law and carries the risk of fines or even criminal liability.
While unregulated grey channels exist, these channels typically come with extremely high legal and financial risks. For example, purchasing Bitcoin through over-the-counter (OTC) or P2P transactions may involve trading with unknown parties, making it difficult to trace the source and destination of funds, and easily leading to involvement in illegal activities such as money laundering. Furthermore, mainstream payment platforms like Alipay and WeChat Pay have explicitly prohibited cryptocurrency-related transactions and monitor suspicious behavior, meaning that users who use these channels for virtual currency transactions may have their accounts frozen.
This site reminds all readers to fully understand and comply with the laws and regulations of their respective jurisdictions before participating in any virtual currency-related activities. For Mainland China residents, please always refer to official announcements and local regulations, and do not attempt to circumvent supervision to avoid unnecessary legal and financial losses.
The platform information for sale in this article changes with the listing and delisting dynamics of each exchange. Please refer to the official announcements of the exchanges.
