Current State of Virtual Currency Trading Regulation in Mainland China
Since September 2021, mainland China has completely banned virtual currency trading and related services. The People's Bank of China and nine other departments jointly issued a notice, explicitly defining virtual currency-related business activities as illegal financial activities. Subsequently, in February 2026, the People's Bank of China and seven other departments reiterated that virtual currencies do not possess the legal status of fiat currency, and all related business activities are illegal. Regulatory authorities strictly prohibit and will crack down on any activities conducted within China that involve the exchange of fiat currency for virtual currency, virtual currency for virtual currency, acting as a central counterparty to buy or sell virtual currencies, providing information intermediation and pricing services, token issuance financing, and virtual currency-related financial product trading.
This means that within mainland China, there are no "legitimate" virtual currency trading platforms in a legal sense. Market regulatory authorities have also strengthened the management of enterprise and individual business registration, prohibiting the use of terms like "virtual currency" or "cryptocurrency" in their names and business scopes. Furthermore, virtual currency "mining" activities are subject to strict control and ongoing rectification.
It is important to emphasize that merely holding virtual currency itself is not illegal for individuals in mainland China, but any activities involving trading, exchange, or financing may cross legal red lines. Overseas virtual currency exchanges are also strictly prohibited from providing services to residents in mainland China via the internet.
Cryptocurrency Trading Platforms for Global Users
Despite strict prohibitions in mainland China, many large cryptocurrency trading platforms still operate globally. These platforms primarily target overseas users, and some may be used by Chinese users residing abroad or accessed by domestic users through non-compliant channels (such as VPNs). Below are some platforms with high global recognition and trading volumes, but please note that these platforms do not provide services to mainland Chinese residents, and accessing them through non-compliant channels carries significant legal and financial risks.
- Binance: As one of the world's largest cryptocurrency trading platforms by volume, Binance offers a wide range of trading pairs and financial services. According to historical data, its asset scale and 24-hour trading volume rank among the top in the global market.
- OKX: OKX is also a globally renowned cryptocurrency trading platform, offering diverse trading products. Historical data shows that its trading volume and asset scale hold an important position in the global market.
- HTX: HTX was once a major platform in Asia, later shifting its business focus to the global market. Historical data indicates that its trading volume also ranked high among global platforms.
- Bitget: Bitget is a platform offering spot and futures trading services, among others, and has a certain influence among global users.
- Bybit: Bybit started with derivatives trading and also offers spot trading services. The platform stated in 2024 that Chinese users residing overseas can open accounts and use its services.
Other platforms such as Gate, Bitfinex, and Coinbase Pro also hold a place in the global cryptocurrency market. However, for residents of mainland China, using these platforms for virtual currency trading carries serious legal risks. Please be sure to comply with local laws and regulations.
Compliance Risks and User Advisory
The Chinese government's prohibitive policy stance on virtual currency trading is clear, believing that it disrupts economic and financial order and may give rise to illegal and criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering, endangering the property safety of the public and even affecting national security and social stability.
Major exchanges also responded to regulatory policies at the end of 2021, delisting mainland Chinese users, stopping RMB trading zone services, and switching mainland Chinese user accounts to a "withdrawal-only" mode. Industry insiders generally believe that in the context of global compliance, the future focus of exchanges will shift to overseas business.
For any individual wishing to participate in virtual currency trading, it is imperative to first confirm whether the laws and regulations of their jurisdiction permit such activities. In regions where virtual currency trading is prohibited, participating in trading through any means will face legal risks and potential financial losses. This site does not provide any instructions for bypassing regional restrictions; please refer to official announcements and local regulations.
