Overview of Global Virtual Investment Platforms
Virtual investment platforms primarily refer to online platforms that provide various virtual asset trading services, with cryptocurrency trading platforms being their core component. These platforms allow users to buy, sell, store, and manage digital assets such as Bitcoin and Ether, and typically offer diversified services including spot trading, contract trading, and staking for lending.
Major Global Cryptocurrency Trading Platforms
- Binance: Established in 2017, it is one of the world's largest cryptocurrency platforms by trading volume, offering hundreds of cryptocurrency trading pairs. As of 2025, its user base reached 300 million, supporting deposits and withdrawals in various fiat currencies.
- OKX: Another globally renowned digital asset trading platform, providing fiat, crypto-to-crypto, and derivatives trading services for mainstream cryptocurrencies such as Bitcoin and Ethereum.
- HTX: Formerly one of China's earliest digital currency exchanges, it has now transformed into an overseas digital asset trading platform serving global users, offering a diverse range of trading and investment products.
- Gate.io: Provides a wide range of cryptocurrency trading services, including spot, margin, and contracts, and supports multiple languages.
- KuCoin: Founded in 2017, it is known for its rich selection of altcoins and user-friendly interface, offering spot, futures trading, and other financial services.
- Coinbase Exchange: Established in 2012, it is one of the largest cryptocurrency exchanges in the United States, favored by institutional and retail users for its compliance and security.
- Upbit: South Korea's largest cryptocurrency exchange, dominating the local market and offering trading for various digital assets.
Compliance Development in Hong Kong
In contrast to the strict regulation in mainland China, the Hong Kong Special Administrative Region government is actively building a regulated virtual asset market. The Securities and Futures Commission (SFC) of Hong Kong has launched a Virtual Asset Service Provider (VASP) licensing regime, allowing licensed exchanges to offer virtual asset trading services to retail investors. For example, Futu Securities obtained an upgraded license in June 2024, allowing it to provide virtual asset trading services for Bitcoin and Ether. This marks a significant step for Hong Kong in embracing Web3 and virtual assets, aiming to solidify its status as an international financial center.
Development History of China's Bitcoin Trading Platforms
After Bitcoin's birth in 2009, it began to attract attention in China around 2011, with early purchasing and trading activities gradually increasing.
Early Rise and Market Prosperity
China's first Bitcoin exchange, BTC China (later renamed BTCC), was established and launched in June 2011, marking the beginning of Bitcoin trading in China. 2013 was considered the "first year" of Bitcoin's development in China, with major domestic exchanges like OKCoin and Huobi (now HTX) being established successively, and their market share rapidly soaring. At its peak, China once accounted for over 90% of global Bitcoin trading volume, becoming a significant force in the global cryptocurrency market.
Tightening Regulation and Market Volatility
However, with the rapid development of the Bitcoin market, the Chinese government's regulatory stance on virtual currencies gradually tightened. In 2014, the People's Bank of China (PBOC) issued an announcement, explicitly stating that Bitcoin does not have legal tender status and strengthening risk warnings. Subsequently, the government began requiring trading platforms to implement real-name verification and anti-money laundering measures.
From late 2017 to early 2018, the Chinese government issued a series of stringent regulatory measures, including suspending ICOs (Initial Coin Offerings) and shutting down domestic Bitcoin exchanges. BTC China ceased its domestic digital currency trading platform operations in September 2017 and sold its international business segments, such as its mining pool and USD trading, in January 2018. These measures led to significant volatility in China's domestic digital currency market, with most domestic trading platforms stopping RMB deposit services and expanding into overseas markets.
Complete Ban and Current Status
In September 2021, the People's Bank of China and nine other ministries jointly issued a notice, comprehensively prohibiting services related to virtual currency settlement and providing trader information, classifying virtual currency-related business activities as illegal financial activities. The notice explicitly stated that overseas virtual currency exchanges providing services to Chinese residents via the internet also constitute illegal behavior. Subsequently, the proportion of Bitcoin trading volume in mainland China's global share rapidly declined from over 90%. As of October 5, 2026, mainland Chinese law still completely prohibits cryptocurrency trading and mining activities. The Chinese government believes that virtual currency trading and speculation disrupt economic and financial order and foster illegal and criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering, hence adopting a comprehensive prohibition policy.
