China Mainland Virtual Currency Regulatory Policy: No Legal Exchanges
According to current laws and regulations in mainland China, virtual currency trading and all related business activities are explicitly identified as illegal financial activities. This means that within mainland China, there are no legally operating virtual currency exchanges. The Chinese government has continuously tightened its regulation of virtual currencies since 2013, and in September 2021, the People's Bank of China and nine other departments jointly issued a notice to comprehensively ban virtual currency-related business activities, including issuance, trading, exchange, promotion, information intermediation, and pricing services. Overseas virtual currency exchanges providing services to residents in China through the internet are also subject to this ban.
In February 2026, the People's Bank of China and seven other departments jointly issued another document, further strengthening this ban and explicitly stipulating that the registered names and business scopes of enterprises and individual businesses must not contain terms such as "virtual currency" or "cryptocurrency." Although personal ownership of virtual currency itself is not illegal, any activities involving trading, exchange, or financing may cross legal red lines. Chinese regulatory authorities aim to prevent risks such as money laundering, fraud, illegal fundraising, pyramid schemes, and illegal capital outflow associated with virtual currencies, thereby maintaining economic and financial order and social stability.
Mainland Chinese Users and Overseas Platforms
Despite strict regulations, some mainland Chinese residents still participate in cryptocurrency activities through overseas virtual currency trading platforms. These users typically utilize peer-to-peer (P2P) channels provided by overseas platforms for fiat-to-crypto exchanges. For example, Chainalysis data from October 2026 shows that China's crypto market is substantial, with a significant portion of trading activities conducted via P2P methods. However, such activities carry significant legal and financial risks, and users should fully understand and comply with local laws and regulations.
According to user survey data from 2025 and 2026, some overseas trading platforms are quite active among Chinese-speaking users, but this does not mean they are legal in mainland China. These platforms include:
- Binance: As one of the world's leading trading platforms, it attracts a large number of users with its trading depth and liquidity.
- OKX: Shows strong performance in the Asian market and offers a user-friendly Chinese interface.
- Bitget: Has risen rapidly in recent years, particularly noted for its derivatives trading and "one-click copy trading" features.
- Bybit: Competitive in the derivatives trading sector, with services covering multiple countries globally.
- HTX: As an established exchange, its C2C network still holds some influence in P2P trading.
Overview of Global Major Virtual Currency Exchange Rankings
The global virtual currency trading market is highly competitive. Below is an overview of major trading platforms from 2025 to 2026, based on comprehensive indicators such as trading volume, user base, asset security, liquidity, and compliance:
- Binance: A leader in global trading volume and user base, offering a wide range of cryptocurrency trading pairs.
- Coinbase: A US-listed company, known for its strict compliance and financial transparency, making it a key choice for institutional investors.
- OKX: Fully developed in product technology and ecosystem building, covering wallets, on-chain ecosystems, and NFT markets.
- Bitget: Stands out in the derivatives trading sector, with a continuously growing user base.
- Bybit: Focuses on derivatives trading, attracting many active traders.
- Kraken: Has earned the trust of institutional users in Europe and America with its long history and strict regulatory compliance.
- Kucoin: Characterized by supporting more emerging and smaller cryptocurrency projects, with an active community.
- Gate.io: Known as a "coin supermarket," it is recognized for quickly listing new coins and emphasizing proof of reserves.
- MEXC: Known for quickly responding to market hotspots and meeting the needs of high-risk users.
