The size of cryptocurrency trading platforms is typically measured by their trading volume, user base, or valuation, rather than traditional stock market capitalization. Understanding the landscape of mainstream platforms is crucial for global investors. At the same time, regulatory policies vary significantly across different jurisdictions, directly impacting user access and usage.
Overview of Major Global Trading Platforms
Based on public data from 2024 to 2025, the following are some virtual currency trading platforms with significant global trading volume or user scale. Please note that market share and trading volume data change dynamically over time, and the information below is based on historical data for reference only.
- Binance: Has long held a leading market position. 2024 data shows its market share was approximately 39.0%, with an annual spot trading volume of about $7.35 trillion.
- OKX: One of the major comprehensive global trading platforms. 2025 data shows its asset scale was approximately $17.1 billion.
- Bybit: Known for derivatives trading, with rapidly growing market share. In 2024, its market share was approximately 9.3%, with a trading volume of about $1.75 trillion.
- Crypto.com: One of the fastest-growing CEXs in 2024, with trading volume increasing by over 900% that year.
- Coinbase: Headquartered in the United States, it is an important compliant listed exchange. In 2024, its average daily trading volume was about $2 billion, with over 98 million verified users.
- HTX: A long-established trading platform, 2025 data shows a large 24-hour trading volume.
- Bitget: Attracts users with features like "one-click copy trading," with its user base exceeding 25 million in 2025.
- Gate.io: Known for supporting a wide variety of cryptocurrencies, with significant trading volume growth in 2024.
- Kraken: Another veteran US exchange, with an average daily trading volume of about $690 million in 2024.
- KuCoin: Supports over 700 trading pairs and has a large user base.
Other platforms such as MEXC, Upbit, and BingX also hold significant influence in specific regions or markets. The landscape of trading platforms is constantly changing, with new platforms continuously emerging and eroding the market share of traditional giants.
Regulatory Environment and User Status in Mainland China
Since 2017, the Chinese government has implemented strict regulatory policies on cryptocurrency-related commercial activities. These primarily include: prohibiting Initial Coin Offerings (ICOs), shutting down domestic cryptocurrency exchanges, prohibiting financial institutions from participating in related businesses, and in 2021, explicitly classifying all cryptocurrency-related businesses as illegal financial activities, while also banning Bitcoin mining.
At the legal level, personal ownership of cryptocurrencies itself has not been explicitly defined as illegal. In 2024, a local court in China ruled in a specific case that cryptocurrencies are virtual property. However, any organization or individual engaging in commercial activities such as cryptocurrency trading, exchange, pricing, intermediation, or financing within China is considered to be in violation of regulations and laws.
Despite strict regulations, market data indicates that transactions conducted through peer-to-peer (P2P) and other methods still exist in mainland China. According to some industry reports, the volume of P2P stablecoin transfers related to China was substantial between July 2025 and June 2026. This reflects continued market demand but also comes with extremely high legal risks, including bank account freezes and suspected violations of foreign exchange management regulations.
Intersection of Global Platforms and Mainland Chinese Users
It must be clarified that none of the platforms mentioned below are entities registered or operating in mainland China. As global platforms, their terms of service explicitly prohibit providing restricted services in restricted jurisdictions (which typically include mainland China). However, according to market information from 2025 to 2026, some global platforms still intersect with mainland Chinese users through the following means:
- Access Methods: Users typically need to use virtual private networks (VPNs) or other technical means to access the international websites of these platforms.
- Identity Verification: Some platforms (such as OKX, Bitget, Bybit, HTX, Gate.io, etc.) at the time still accepted mainland Chinese resident ID cards for "Know Your Customer" (KYC) verification. Kraken was also reported in 2026 to accept mainland Chinese passports and ID cards for verification.
- Trading Services: These platforms generally provide built-in C2C/P2P trading functions, supporting various payment methods to facilitate users in exchanging fiat currency for cryptocurrencies.
Important Risk Warning: Accessing and trading using the methods described above operates entirely in a gray area or in violation of current Chinese regulatory policies. Users not only face the risk of platforms potentially terminating services at any time due to compliance requirements but also bear the severe consequences of violating Chinese laws and regulations, including frozen funds, property losses, and even legal accountability. Any related operations should be based on a full understanding and assumption of all risks.
