Overview of Cryptocurrency Regulation in Mainland China
Since September 2021, ten ministries and commissions, including the People's Bank of China, jointly issued a notice to completely ban virtual currency-related business activities. This includes overseas virtual currency exchanges providing services to Chinese residents via the internet, all of which are deemed illegal financial activities and may lead to criminal liability. The People's Bank of China has repeatedly reiterated that virtual currencies such as Bitcoin and Ether do not have legal tender status and should not circulate as currency. The public should be wary of high-yield investment scams and avoid participating in the issuance, trading, investment, and mining of virtual currencies.
Despite strict restrictions on trading and sales, current Chinese law does not explicitly prohibit citizens from holding cryptocurrencies. Hong Kong, however, has adopted a different regulatory path, embracing digital assets through a licensing system and implementing a stablecoin framework in August 2025. Nevertheless, recent indications suggest that Beijing is monitoring Hong Kong's cryptocurrency activities to prevent their influence from spreading to mainland China.
Recommended Global Mainstream Cryptocurrency Exchange Apps
Given the regulatory policies in mainland China, the following recommended platforms primarily serve global users and are known for the excellent experience of their mobile applications (Apps). Please ensure to verify the platform's compliance in your jurisdiction before trading.
Binance
Binance, founded in 2017, is one of the world's largest cryptocurrency exchanges by trading volume, serving over 180 countries and regions. The platform offers over 350 tradable digital currencies (some regional versions, like the US version, may be limited to about 150), with daily trading volumes reaching tens of billions of dollars. Its trading fees are typically 0.1%, with discounts available when using the exchange token BNB. In November 2023, former CEO Changpeng Zhao pleaded guilty to money laundering charges and resigned, and Binance agreed to pay $4.3 billion to US authorities to resolve related criminal charges.
Binance is known for its fast trading speed, diverse trading options (including spot, futures, options, and P2P trading), and rich educational content (Binance Academy). The platform boasts strong security protocols, including cold storage, two-factor authentication, and a Secure Asset Fund for Users (SAFU fund), and offers 24/7 customer support. The App supports Android and iOS systems.
OKX
OKX, founded in 2017 (formerly OKEx), rebranded as OKX in 2022 and transformed into a comprehensive Web3 ecosystem. The platform is headquartered in Seychelles and established its headquarters in Dubai in October 2024, obtaining a full operating license from the UAE. OKX offers over 250-300 digital assets, with spot trading fees as low as 0% and taker fees at 0.1%; discounts are available for holding the OKB platform token. As of 2023, its reserve ratios for BTC, ETH, and USDT were all greater than 100%.
OKX's desktop and mobile Apps feature user-friendly interfaces, offering spot, margin, perpetual contract, delivery contract, and options trading. Its Web3 wallet supports multi-chain and decentralized application (dApp) integration, enhances transparency through Proof of Reserves (PoR), and provides a demo trading function.
HTX (formerly Huobi)
HTX, founded in 2013, initially operated in China but later shifted to global expansion due to policy changes, rebranding as HTX in 2023. The platform serves millions of users across more than 170 countries, supporting over 700 cryptocurrencies and more than 1,000 trading pairs, with daily trading volumes reaching billions of dollars. Basic Maker and Taker fees are 0.2%, with discounts available for holding Huobi Token (HT).
HTX offers various trading services including spot, margin, futures, and perpetual swaps, and employs security measures such as multi-signature cold wallets, two-factor authentication, and real-time risk monitoring. Its App is fully functional, making it convenient for users to trade.
Bybit
Bybit, founded in 2018 and headquartered in the UAE (relocated from Singapore to Dubai in 2022), is one of the world's leading cryptocurrency derivatives and spot trading platforms. As of 2024, the platform has over 60 million users, with an average daily trading volume exceeding $33 billion. Bybit offers up to 100x leverage for cryptocurrency trading, with spot fees at 0.10% and options fees as low as 0.02%.
Bybit is known for its high liquidity, low trading fees, and professional-grade derivatives services. The platform uses cold wallets and Merkle tree proof to ensure asset security, and offers copy trading, quantitative bots, and Earn products. Bybit boasts an ultra-fast matching engine and multi-language customer service, with a powerful App.
Gate.io
Gate.io, founded in 2013, was one of China's earliest cryptocurrency exchanges. It later left China due to regulatory policies and is now headquartered in the British Cayman Islands, serving over 130 countries. The platform supports over 1,400 cryptocurrencies and 2,500+ trading pairs, with reserves exceeding $10 billion. Spot trading fees are 0.2%, which can be reduced by using GateToken (GT). Users can view real-time market data and trends for this coin on Svmuu.
Gate.io is known for offering a wide range of emerging altcoins and provides 100% margin audit proof. The platform employs security measures such as multi-signature cold and hot wallets and two-factor authentication. The App supports iOS and Android, offering Lite/Pro modes to meet the needs of different users.
KuCoin
KuCoin, founded in 2017, is known as the "People's Exchange" for its rich selection of tokens and early access to potential altcoins. In 2022, it completed a $150 million pre-Series B funding round, bringing its total valuation to $10 billion. The platform supports over 1,000 cryptocurrencies and 1,300+ trading pairs, with basic Maker and Taker spot trading fees of 0.1%; discounts are available for holding KCS (the platform token).
KuCoin's App supports Android and iOS, offering spot, futures trading, margin trading, wealth management products, and a built-in free trading bot. The platform has a multi-language customer service team and claims to have never been hacked in terms of security.
