Since 2021, China's regulatory stance on virtual currency trading and related businesses has been clear and consistently high-pressure. According to further notices issued in February 2026 by the People's Bank of China and seven other departments, virtual currencies do not possess legal tender status, and related business activities are classified as illegal financial activities. Any overseas virtual currency exchange providing services to residents within mainland China via the internet also falls under the scope of illegal financial activities. This means that within mainland China, there are currently no, nor are there permitted to be, so-called "legitimate virtual currency trading platforms."
A Review of China's Virtual Currency Regulatory Policies
China's regulatory policy evolution path is clear: in 2017, ICOs and domestic exchange operations were completely banned; in 2021, regulations were further escalated, explicitly cracking down on virtual currency "mining" and speculative trading risks, and requiring major trading platforms (such as Binance, Huobi, OKEx, etc.) to withdraw from the mainland Chinese market, stop new user registrations, and clear out existing users. The latest notice in 2026 is a reiteration and strengthening of existing policies, enhancing the management of enterprise registration names and business scopes, explicitly prohibiting the inclusion of terms like "virtual currency."
Information on Major Global Cryptocurrency Trading Platforms
Although the mainland Chinese market has been exited, several overseas-headquartered trading platforms continue to operate globally, offering diverse services. Below is a list of some influential platforms in the global market, with historical data for reference. Please note that this data primarily comes from public information in Q1 2025, and the latest situation may have changed. It is recommended to verify on platforms such as Svmuu.
- Binance: As of March/April 2025, its asset size was approximately $12.85 billion, supporting about 780 trading pairs, with a 24-hour trading volume of approximately $19.025 billion. Reports indicate its Q1 2026 trading volume accounted for over 35% of the global market.
- OKX: As of March/April 2025, its asset size was approximately $17.1 billion, supporting about 620 trading pairs, with a 24-hour trading volume of approximately $16.05 billion.
- Huobi/HTX: As of March/April 2025, its asset size was approximately $4.52 billion, supporting about 780 trading pairs, with a 24-hour trading volume of approximately $31.075 billion.
- Bitget: As of March/April 2025, its asset size was approximately $60 million, supporting about 740 trading pairs, with a 24-hour trading volume of approximately $12.08 billion.
- Bybit: As of March/April 2025, its asset size was approximately $210 million, supporting about 550 trading pairs, with a 24-hour trading volume of approximately $1.59 billion.
- Gate.io: Reportedly serves over 150 countries, with over 10 million users.
- MXC (Matcha): As of March/April 2025, its asset size was approximately $55 million, supporting about 440 trading pairs, with a 24-hour trading volume of approximately $410 million.
It needs to be emphasized that these platforms no longer provide services to residents of mainland China, and their business focus has shifted to international markets.
Core Risks and Compliance Reminders
Chinese regulatory authorities continuously emphasize that the anonymity, cross-border nature, and other characteristics of virtual currencies make them susceptible to being used for money laundering, fraud, illegal cross-border fund transfers, and other activities, posing a threat to financial security. Investors should remain highly vigilant against any channels claiming to be "compliant" or "able to bypass regulations" to provide services to domestic residents, as these carry extremely high legal and financial risks. Before participating in any virtual currency-related activities, it is imperative to first confirm whether the laws and regulations of your location permit it.
