Overview of Cryptocurrency Regulatory Policies in Mainland China
Since 2021, mainland China has implemented a comprehensive ban on virtual currency trading and related business activities. The People's Bank of China (PBOC) and nine other departments jointly issued a notice, explicitly defining virtual currency-related business activities as illegal financial activities. Furthermore, overseas virtual currency exchanges providing services to residents within China via the internet are also deemed illegal. While personal ownership of virtual currencies is not considered illegal, any civil legal acts involving transactions may be deemed invalid, and users must bear potential financial losses and legal risks. In contrast, Hong Kong is actively exploring and establishing a licensing system for crypto assets, providing a different regulatory paradigm for the global crypto market.
Overview of International Cryptocurrency Trading Platforms and Risk Warnings
Despite strict regulatory policies in mainland China, some global cryptocurrency trading platforms, including many founded by Chinese individuals or highly popular among Chinese users, continue to provide services to global users via overseas servers. However, for residents of mainland China, participating in cryptocurrency trading through these platforms carries significant legal and operational risks. Below is an overview of some influential trading platforms in the international market:
- Binance: As one of the world's largest cryptocurrency exchanges, Binance holds a leading position in the global market, offering a wide range of cryptocurrencies and derivatives trading services. As of 2026, its user asset reserves are substantial, demonstrating its widespread recognition globally.
- OKX (formerly OKEx): OKX is a globally renowned digital asset trading platform, consistently ranking among the top in terms of global trading volume. The platform excels in Web3 wallet technology and is committed to providing convenient trading experiences for global users.
- HTX (formerly Huobi): Founded in 2013, Huobi was once one of the largest cryptocurrency trading platforms in mainland China. Currently, HTX has shifted its business focus to the international market and emphasizes asset transparency, insisting on monthly updates of Merkle tree proof of reserves to enhance user trust.
- Bitget: Bitget is one of the fastest-growing exchanges in recent years, with its "one-click copy trading" feature favored by some traders. The platform has tens of millions of users globally and has established a user protection fund.
- Bybit: Bybit is a global digital asset trading service platform, excelling in the derivatives trading sector. The platform serves over 200 countries and regions worldwide, known for its user-friendly interface and liquidity.
- Gate.io: Gate.io is known for supporting a large number of emerging cryptocurrencies, offering trading pairs for thousands of cryptocurrencies. The platform emphasizes high reserve coverage and a strong security record.
- KuCoin: KuCoin positions itself as "The People's Exchange," with a vast global user base, serving over 220 countries and regions. Its contract and lending services are among its core competencies.
It must be emphasized that while the aforementioned platforms operate globally, according to current regulations in mainland China, their provision of services to residents within China still constitutes illegal financial activities. Therefore, users in mainland China should fully understand and strictly adhere to local laws and regulations, avoid participating in any illegal financial activities, and be wary of potential financial and legal risks.
The information on platforms mentioned in the article is subject to change based on each exchange's listing and delisting dynamics. Please refer to the official announcements of the exchanges.
