Cryptocurrency Regulatory Landscape in Mainland China: A Comprehensive Ban
Since 2017, mainland China has implemented strict prohibitions on cryptocurrency trading and related activities. The People's Bank of China and other regulatory bodies have repeatedly issued notices explicitly banning Initial Coin Offerings (ICOs) and the operation of cryptocurrency trading platforms. In 2021, the ban was further escalated to comprehensively prohibit all cryptocurrency trading, exchange services, and domestic mining activities. This comprehensive ban remains in effect and regulatory enforcement continues to strengthen.
Mainland China defines virtual currencies as "virtual commodities" that do not possess legal tender status and are prohibited from circulating or being used as currency. Notably, China's regulatory policy explicitly states that overseas cryptocurrency exchanges providing services to Chinese residents also constitute illegal financial activities. As of early 2026, regulators have once again emphasized and expanded the scope of restrictions to include Real World Asset (RWA) tokenization and unauthorized CNH-pegged stablecoins. In October 2025, the Governor of the People's Bank of China explicitly stated that policy documents from 2017 "remain effective" and that the crackdown on domestic virtual currency businesses will continue.
Therefore, in mainland China, there are currently no "legitimate domestic crypto trading platforms." All commercial activities related to virtual currencies (including exchange services, derivatives trading, ICOs, etc.) are considered illegal financial activities.
Hong Kong's Regulatory Framework: A Significant Contrast to the Mainland
Unlike mainland China's comprehensive ban, Hong Kong, as a Special Administrative Region, possesses an independent legal system and has established a regulated digital asset framework through the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC). Hong Kong is gradually building a clear, compliant virtual asset trading environment, attracting investors and businesses seeking compliant avenues. Some analysts believe that Hong Kong's development in the digital asset sector may provide a reference for mainland China's future policies.
Global Mainstream Digital Currency Exchange Rankings (Not Legal Channels in Mainland China)
Below are globally renowned cryptocurrency trading platforms ranked based on factors such as trust score, trading volume, available cryptocurrencies, and traffic. It is crucial to note that the operation of these platforms in mainland China or their provision of services to mainland Chinese residents is illegal. Mainland Chinese users who engage in cryptocurrency trading through these platforms will face severe legal and financial risks. All readers must comply with the laws and regulations of their respective jurisdictions.
- Binance
Founded in 2017, originating in Shanghai, it later moved out of China due to regulatory reasons. Despite China's ban, it remains one of the world's largest cryptocurrency exchanges, with an average daily trading volume of tens of billions of US dollars. Binance offers over 350 cryptocurrencies, typically has low trading fees, and maintains a Secure Asset Fund for Users (SAFU) to protect user funds.
- Coinbase
Founded in 2012, Coinbase is the largest cryptocurrency exchange in the United States and became the first cryptocurrency exchange to join the S&P 500 index in May 2025. Coinbase offers over 400 tradable assets and is known for its user-friendly interface and strict regulation in the US, making it suitable for traders of all experience levels.
- Kraken
Kraken offers over 640 cryptocurrencies, with spot trading fees of 0.16% / 0.26%. The platform accepts USD wire transfers, SWIFT, and on-chain cryptocurrency deposits. Although mainland China prohibits cryptocurrency trading, Kraken has been mentioned as accepting mainland Chinese passports for KYC, supporting simplified Chinese, and allowing USD withdrawals to Hong Kong bank accounts. However, this does not imply that its operations in mainland China are legal, and mainland Chinese residents using it still bear legal risks.
- OKX
OKX provides a wide range of cryptocurrency trading services globally and has considerable liquidity in P2P trading. The platform has licensed entities in neighboring jurisdictions such as Singapore.
- HTX
HTX is another global cryptocurrency exchange that has integrated various payment methods within its P2P network.
- Gate.io
Gate.io is known for offering an extensive catalog of altcoins, providing users with diverse trading options.
- KuCoin
KuCoin is dedicated to serving global crypto investors, offering over 200 cryptocurrencies with typical trading fees of 0.1%. The platform provides fiat deposits and withdrawals, futures and margin trading, staking, and lending services.
- Gemini
Founded in 2014 by the Winklevoss brothers, Gemini is a regulated cryptocurrency exchange and custodian that emphasizes security and compliance.
- Hyperliquid
Hyperliquid is a decentralized perpetual contract DEX, focusing on providing high-performance derivatives trading services.
- MEXC
MEXC attracts users with its low spot trading fees and fast listing of new cryptocurrencies.
Risk Warning
Given mainland China's strict ban on cryptocurrency trading, mainland Chinese residents participating in any form of cryptocurrency trading activities will face significant legal and financial risks. All users must fully understand and comply with local laws and regulations and carefully assess risks. This article is for informational purposes only and does not constitute investment advice.
