Overview of the Current Status of Virtual Currency Trading Platforms in Mainland China
Regarding the question of whether "virtual currency trading platforms exist in mainland China," the answer is clear: according to the current policies of the Chinese government, there are currently no legal virtual currency trading platforms within mainland China. Since September 2021, the People's Bank of China and other departments have comprehensively banned virtual currency-related business activities and continue to strengthen supervision.
Key Points of Regulatory Policies
- Comprehensive Prohibition of Virtual Currency-Related Business Activities: Since September 2021, the People's Bank of China and other departments have issued notices clarifying that virtual currencies such as Bitcoin and Ether do not have legal tender status and shall not be circulated or used as currency. All virtual currency-related business activities, including the exchange between fiat currency and virtual currency, exchange between virtual currencies, buying and selling virtual currencies as a central counterparty, providing information intermediary and pricing services, token issuance financing, and virtual currency-related financial product trading, are deemed illegal financial activities and are strictly prohibited and subject to legal crackdown. Overseas virtual currency exchanges providing services to residents within China via the internet are also considered illegal financial activities.
- Latest Regulatory Reinforcement: In February 2026, the People's Bank of China and seven other departments jointly issued the "Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies and Other Matters" ("Document No. 42"), which further continued and improved the prohibitive policies on virtual currencies. This notice reiterated that virtual currencies do not have legal tender status and related business activities are illegal financial activities. It also for the first time incorporated Web3.0 businesses such as Real World Asset (RWA) tokenization into the regulatory framework, explicitly prohibiting RWA tokenization activities within China.
- Continued Rectification of "Mining" Activities: Virtual currency "mining" activities have been classified as an eliminated industry and continue to be strictly controlled and comprehensively phased out. The establishment of new "mining" projects is strictly prohibited, and "mining rig" manufacturers are prohibited from providing sales services within China.
- Legal Status of Individual Holdings of Virtual Currencies: Although regulatory policies strictly prohibit trading activities, a ruling by the Songjiang District People's Court of Shanghai in November 2024 stated that Chinese citizens can legally hold cryptocurrencies as personal property, classifying them as virtual commodities with property attributes. However, this ruling does not apply to commercial activities, and any activities involving trading, exchange, or financing may still violate the law.
Market Impact and Risk Warning
After comprehensive cleanup and rectification, the trading volume of virtual currencies denominated in RMB has decreased from once accounting for over 90% of global trading volume to less than 1%. Major overseas virtual currency trading platforms, such as HTX, Binance, and OKX, all announced the complete withdrawal of mainland Chinese users and ceased providing related services before the end of 2021.
The Chinese government and regulatory agencies have long maintained a prohibitive policy stance on virtual currency-related business activities, believing that they disrupt economic and financial order and give rise to illegal and criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering, seriously endangering the property safety of the people and national financial security. Although some mainland Chinese users still participate in virtual currency trading through unregulated gray channels, these operations carry extremely high legal and financial risks. National security departments warn that virtual currencies are not beyond the reach of the law, and their "anonymous trading" is a false premise, posing risks such as property loss, being used for money laundering, cyberattacks, and espionage.
Legal professionals point out that current Chinese legal provisions regarding virtual currencies still have disputes in areas such as over-the-counter (OTC) trading, and different courts may have different rulings, which means participants face uncertain legal risks.
