An Overview of the Current Status of Virtual Currency Trading Platforms in Mainland China
As of September 14, 2026, Mainland China maintains a comprehensive ban on cryptocurrency trading and related activities. This means that there are no legally operating cryptocurrency trading platforms or applications within China. All platforms claiming to provide cryptocurrency trading services—regardless of whether their names include regional identifiers such as “Beijing Cryptocurrency Exchange”—are illegal.
Virtual Currency Regulatory Policies in Mainland China
Since September 2021, the Chinese government—through a joint notice issued by ten government departments, including the People's Bank of China (PBOC)—has explicitly classified virtual currency-related business activities as illegal financial activities and strictly prohibited them within the country. Since then, regulatory enforcement has continued to intensify:
- Scope of the Comprehensive Ban: This includes the exchange of fiat currency for virtual currency, the exchange of one virtual currency for another, the trading of virtual currency as a central counterparty, the provision of information intermediary and pricing services, token issuance for fundraising, and the trading of virtual currency-related financial products.
- Policy Reaffirmation and Clarification: In November 2025, the People’s Bank of China, in collaboration with 13 departments, reaffirmed the illegality of virtual currency-related businesses and, for the first time, clearly defined stablecoins and identified associated risks such as money laundering and fundraising fraud.In February 2026, eight departments jointly issued another document to further prevent and address virtual currency risks, clarifying the fundamental nature of stablecoins pegged to fiat currencies and businesses related to the tokenization of real-world assets (RWAs).
- Restrictions on Overseas Platforms: Overseas virtual currency exchanges providing services to residents within China via the internet are also deemed illegal financial activities. Several major global virtual currency trading platforms, including Binance and OKX, announced by the end of 2021 that they would phase out mainland Chinese users and cease providing services to them.
- Blocking of Illegal Applications Such as the “Beijing Virtual Currency Exchange App”: In October 2022, the Chaoyang District People’s Court of Beijing disclosed that the People’s Bank of China and the Beijing Municipal Local Financial Supervision and Administration Bureau had coordinated with relevant departments to block and remove a number of virtual currency trading websites and apps—including OKX—from app stores, and to shut down related media websites and social media accounts.Therefore, any application named “Beijing Virtual Currency Exchange App” or with a similar name is illegal.
Legal Status and Risks of Individual Virtual Currency Holdings
Although virtual currency-related business activities are comprehensively prohibited, Chinese law defines virtual currency as “a specific type of virtual commodity”; therefore, the mere possession of virtual currency by individuals is not illegal in itself. However, any activity involving trading, exchange, or financing may cross legal red lines and expose individuals to extremely high legal and financial risks.
The Chinese government’s primary reasons for banning cryptocurrencies include maintaining financial stability, combating criminal activities such as money laundering and illegal cross-border transactions, addressing energy consumption issues, and supporting the rollout of the digital yuan.
Risk Warning
Given mainland China’s strict regulatory policies, any attempt to engage in virtual currency transactions through unofficial or gray-market channels carries significant risks, including but not limited to:
- Legal Risks: Participation in illegal financial activities may result in legal sanctions.
- Funds Security Risks: Illegal platforms lack oversight, and funds may be at risk of theft, freezing, or the platform disappearing with the funds.
- Fraud Risk: Illegal trading activities are often accompanied by various forms of fraud, leaving investors vulnerable to financial loss.
- Technical Risks: Unofficial apps may contain malware or security vulnerabilities, threatening the security of personal information and assets.
Residents of mainland China are urged to strictly comply with local laws and regulations and to refrain from participating in any form of virtual currency trading to protect their legitimate rights and interests.
