Mainland China's Cryptocurrency Regulatory Policies
Mainland China implements strict prohibitive policies on virtual currency trading and related business activities. Virtual currencies do not have legal tender status, and related business activities are explicitly identified as illegal financial activities.
On February 6, 2026, the People's Bank of China, the National Development and Reform Commission, and six other departments jointly issued the "Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies" ("Document 42"), reiterating and improving the prohibitive policies on virtual currencies, and repealing the previous "Document 237". The notice explicitly states that conducting services such as fiat currency-to-virtual currency exchange, virtual currency-to-virtual currency exchange, acting as a central counterparty for virtual currency trading, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and virtual currency-related financial product trading within China are all illegal financial activities, which are strictly prohibited and will be banned according to law.
Notably, the new regulations in 2026 for the first time extend the scope of supervision to overseas, explicitly stipulating that domestic entities and their controlled overseas entities are not allowed to issue virtual currencies overseas without approval from relevant departments. The People's Bank of China also emphasized in a meeting held in November 2025 that it will continue to adhere to the prohibitive policies on virtual currencies and continuously crack down on illegal financial activities related to virtual currencies.
Overview of Global Mainstream Cryptocurrency Trading Platforms
Given Mainland China's strict regulatory policies, there are no legal virtual currency trading platforms within the country. However, globally, several large cryptocurrency trading platforms remain active. Below is an overview of some global mainstream platforms. Relevant data may change with market fluctuations and is for reference only. The latest market conditions can be viewed on information platforms such as Svmuu.
- Binance: Founded by Changpeng Zhao, it is one of the leading platforms in the global cryptocurrency trading sector. According to data from March 2026, Binance's user base has exceeded 300 million, and its global spot market share accounts for over 40%. Its 24-hour trading volume reached $19.025 billion in April 2025, with assets totaling approximately $12.85 billion.
- OKX: Founded by Star Xu in 2017, it offers spot and derivatives trading services. The platform shows strong performance in the Asian market. As of April 2025, its asset scale was approximately $17.1 billion, and its 24-hour trading volume reached $16.05 billion.
- Bitget: Established in 2018, it attracts users with distinctive services such as "one-click copy trading" and "0-fee spot trading". According to data from March 2026, Bitget's user base has exceeded 120 million, with an average daily trading volume of $20 billion. Its 24-hour trading volume reached $12.08 billion in April 2025, with assets totaling approximately $60 million.
- HTX: Formerly one of China's largest Bitcoin trading platforms, it later transformed into a global platform. According to data from April 2025, its asset scale was approximately $4.52 billion, and its 24-hour trading volume reached $31.075 billion.
- Bybit: The platform's asset scale was approximately $210 million in April 2025, and its 24-hour trading volume reached $1.59 billion.
Important Notice
The virtual currency market is highly volatile and carries significant regulatory risks. Before participating in virtual currency transactions in any jurisdiction, please ensure you fully understand and comply with local laws and regulations, and have a clear awareness of potential market risks. This site does not provide any investment advice.
