Current Status and Policies Regarding Virtual Currency Trading Platforms in Mainland China
Since September 2021, the People's Bank of China (PBOC) and nine other departments jointly issued a notice explicitly defining virtual currencies such as Bitcoin, Ether, and USDT as assets that do not have legal tender status. Any virtual currency-related business activities, including the exchange between fiat currency and virtual currency, exchanges between virtual currencies, acting as a central counterparty to buy and sell virtual currencies, providing information intermediary and pricing services, token issuance financing, and related financial product transactions, are all deemed illegal financial activities and are strictly prohibited. Overseas virtual currency exchanges providing services to residents within China via the internet are also considered illegal financial activities, and relevant departments will strengthen monitoring and pursue legal liability.
In February 2026, the People's Bank of China and seven other departments jointly issued another document, reiterating the policy of strictly prohibiting all virtual currency-related business activities within China and emphasizing the prohibition of any domestic or foreign entities or individuals from issuing RMB-pegged stablecoins overseas. Domestic entities and individuals who knowingly or should have known that overseas entities are illegally providing virtual currency services to domestic residents and still provide assistance will be held legally responsible, and those whose actions constitute a crime will face criminal charges. Furthermore, virtual currency "mining" activities continue to be rectified, with strict prohibitions on new "mining" projects and "mining machine" sales services.
The Chinese government believes that virtual currency trading and speculation disrupt economic and financial order and may foster illegal and criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering. Therefore, for residents of mainland China, participating in virtual currency trading carries significant legal and policy risks.
Overview of Major Global Virtual Currency Trading Platforms
Given mainland China's strict regulatory policies, the platforms listed below are representative major cryptocurrency trading platforms globally. None of these platforms are permitted to operate legally in mainland China, and most have explicitly ceased providing services to mainland Chinese users. Investors must fully understand the registration location, compliance status, and relevant laws and regulations of their own jurisdiction when choosing any trading platform.
Binance
Binance is one of the world's largest cryptocurrency exchanges, founded by Changpeng Zhao (CZ) in 2017. The platform offers various services such as spot, futures, and DeFi, and has its own public chain and ecosystem projects. In 2023, Binance reached a settlement with the U.S. Department of Justice and paid a $4.3 billion fine, after which Changpeng Zhao resigned. Binance stopped new user registrations from mainland China in September 2021 and plans to delist existing users.
- January 2024 Data: Approximately $48.2 billion in 24-hour derivatives trading volume, supporting 314 trading pairs.
- 2025 Data: Approximately $12.85 billion in assets under management, $19.025 billion in 24-hour trading volume.
OKX
OKX, formerly OKEX, was founded in 2017 and is headquartered in Seychelles. The platform consistently ranks among the top global trading platforms, showing strong performance particularly in the Asian market, offering services such as spot, futures, DeFi, NFT marketplace, and Web3 Wallet. Since 2021, OKX has explicitly ceased providing services to users in mainland China, stopped registrations with mainland Chinese mobile numbers, and restricted some C2C functions.
- January 2024 Data: Approximately $19.5 billion in 24-hour derivatives trading volume, supporting 222 trading pairs.
- 2025 Data: Approximately $17.1 billion in assets under management, $16.05 billion in 24-hour trading volume.
HTX (formerly Huobi)
HTX, founded in 2013, is a veteran trading platform in the cryptocurrency industry. In 2022, it rebranded to "HTX," with Justin Sun becoming an advisor. The platform has high brand recognition within the Chinese community, offering services such as spot, futures, and earn products. HTX stopped new user registrations from mainland China in September 2021 and planned to delist existing users from mainland China by December 31, 2021.
- 2025 Data: Approximately $4.52 billion in assets under management, $31.075 billion in 24-hour trading volume.
Bitget
Bitget, founded in 2018, is known for its "one-click copy trading" and "0-fee spot trading" features, attracting a large number of novice users. The platform also offers professional futures trading services. As of 2025, Bitget's user base has exceeded 25 million, covering 120 countries.
- January 2024 Data: Approximately $11.5 billion in 24-hour derivatives trading volume, supporting 205 trading pairs.
Bybit
Bybit, founded in 2018 and headquartered in the British Virgin Islands, specializes in derivatives trading. The platform rapidly rose to prominence with its zero-fee strategy and is favored by users for its user-friendly interface and liquidity. Bybit announced in 2024 that Chinese users residing overseas can open accounts and use its services on the platform.
- January 2024 Data: Approximately $15.8 billion in 24-hour derivatives trading volume, supporting 310 trading pairs.
- Q1 2025 Data: Futures trading volume increased by 140% year-on-year.
Gate.io
Gate.io, founded in 2013, rebranded in 2020. The platform is known for its technical stability and security, offering a wide range of niche cryptocurrencies, relatively low trading fees, and IEO functionality. As of 2025, Gate.io serves over 150 countries with more than 10 million users.
- January 2024 Data: Approximately $1.9 billion in 24-hour derivatives trading volume, supporting 317 trading pairs.
KuCoin
KuCoin, founded in 2017, is known for its community-driven operating model, offering spot, futures, and staking services. The platform holds a significant share of global trading volume.
- January 2024 Data: Approximately $1.5 billion in 24-hour derivatives trading volume, supporting 186 trading pairs.
- Global Trading Volume Share: Approximately 6%.
Kraken
Kraken, founded in 2011, is one of the veteran exchanges in the crypto industry. The platform is known for its strict KYC processes and high transparency, offering strong security. Kraken supports KYC with mainland Chinese passports and second-generation ID cards, provides simplified Chinese support, and can make USD payments to Hong Kong bank accounts.
- January 2024 Data: Approximately $450 million in 24-hour derivatives trading volume, supporting 130 trading pairs.
- 2025 Data: Daily average trading volume exceeded $25 billion.
Coinbase
Coinbase, founded in 2012, is a prominent U.S. cryptocurrency trading platform that listed on Nasdaq in 2024. The platform attracts a large number of institutional investors and individual users with its robust security system and intuitive user experience, offering various services such as wallets, credit cards, and deposit lending.
Bitfinex
Bitfinex, founded in 2012, is one of the early participants in the crypto industry. The platform focuses on providing services to professional-grade users and institutional investors, aiming to meet diverse and high-frequency trading strategy demands.
- January 2024 Data: Approximately $42 million in 24-hour derivatives trading volume, supporting 48 trading pairs.
