Overview of the Current State of Virtual Currency Trading Platforms in Mainland China
Regarding the question of "legitimate virtual currency trading platforms in China," it must be clearly stated that since September 2021, the People's Bank of China and nine other departments jointly issued a notice explicitly defining virtual currency-related business activities as illegal financial activities. Since then, mainland China has continuously strengthened its regulation of virtual currency trading. Therefore, there are currently no "legitimate" or legally operating virtual currency trading platforms within mainland China.
Comprehensive Ban on Virtual Currency Trading in Mainland China
The Chinese government has consistently maintained a stance of comprehensive prohibition and severe crackdown on virtual currency trading and speculation. In September 2021, the People's Bank of China and nine other departments jointly issued the "Notice on Further Preventing and Disposing of Risks Associated with Virtual Currency Trading and Speculation," which explicitly stipulates that virtual currencies do not have the same legal status as legal tender and cannot circulate as currency in the market. Any activities related to virtual currency trading and speculation, including providing trading platform services, exchange services, and information intermediary services, are considered illegal financial activities.
Since then, regulatory efforts have continued to intensify. In November 2025, the People's Bank of China led a meeting with 13 departments, reiterating the illegality of virtual currency-related businesses. In February 2026, the People's Bank of China and seven other departments again jointly issued a document, further clarifying that no unit or individual, domestic or foreign, may issue RMB-pegged stablecoins offshore without consent, and emphasizing that all virtual currency-related business activities are strictly prohibited within China.
Legal Attributes and Risks of Virtual Currencies in China
In mainland China, Bitcoin and other virtual currencies are regarded as "virtual commodities" or "virtual properties," not legal tender. This means that while holding virtual currency itself may not necessarily be illegal, any participation in virtual currency trading, speculation, or providing services for such activities will face serious legal risks. Regulatory authorities believe that virtual currency trading activities disrupt economic and financial order and may give rise to illegal and criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering.
Withdrawal and Impact of Major International Trading Platforms
Following the ban issued in September 2021, several major global cryptocurrency trading platforms that were active in the Chinese market, including Binance, OKX, and HTX (formerly Huobi), announced their "withdrawal from the mainland China market" by the end of 2021. They ceased providing services to mainland Chinese users and conducted user clear-outs. These platforms have shifted their business focus to international markets and are seeking compliant operating licenses in other countries and regions.
Although some mainland Chinese users may attempt to access offshore platforms through virtual private networks (VPNs) and other means, this not only carries the risk of account restrictions (e.g., switching to "withdrawal-only" mode) but also means that these platforms' operations within China remain illegal. Therefore, mainland Chinese residents participating in offshore virtual currency trading activities still bear significant legal and financial risks.
