Global Mainstream Cryptocurrency Exchange Apps
As the cryptocurrency market continues to evolve, numerous platforms offering digital asset trading services have emerged globally. Below are some of the widely recognized and comprehensive cryptocurrency exchange apps in the international market:
- Binance: As one of the world's largest cryptocurrency exchanges, Binance offers a wide selection of cryptocurrencies, trading, staking, and lending services. Its mobile app is known for its responsiveness.
- OKX: Formerly known as OKEx, it is a globally renowned digital asset trading platform, offering spot and derivatives trading services, and has a wide influence among global users.
- Coinbase: This platform is known for its user-friendly interface and compliance with laws in multiple countries, making it particularly suitable for crypto beginners. It also offers insurance services to enhance user trust.
- Kraken: Established in 2011, it is one of the oldest and largest exchanges, known for its low fees and strict security standards, supporting trading of various cryptocurrencies.
- Bybit: A popular cryptocurrency exchange platform, it has gained attention for its derivatives trading services and user experience.
- KuCoin: Known as "The People's Exchange," it offers a rich variety of cryptocurrency trading pairs and innovative products.
- Bitget: As one of the top ten exchanges globally, Bitget specializes in futures trading and copy trading services.
- eToro: A social investment platform that supports cryptocurrency trading in addition to traditional financial assets, making it convenient for users to diversify their investments.
- Bitfinex: A veteran cryptocurrency exchange platform, known for its advanced trading features and support for professional traders.
Development and Regulation of China's Bitcoin Exchanges
China was once a significant market for global Bitcoin trading, but its market landscape has fundamentally changed with the evolution of regulatory policies.
Early Development (2011-2013)
The earliest Bitcoin exchange platform in mainland China was BTC China, operated by Shanghai Satoshi Network Co., Ltd., officially launched on June 9, 2011. Initially, the price of Bitcoin was around 150 RMB. In 2013, with the rise of the Bitcoin craze, the first batch of Bitcoin exchanges emerged in China, including Jubi. In the same year, OKCoin (later OKX) and Huobi (later HTX) were also established and rapidly developed, becoming major players in the Chinese market at that time. By November 2013, BTC China's trading volume had exceeded 80,000 Bitcoins, once accounting for 43% of the total global trading volume.
Tightening Regulation and Ban (2014-2021)
The Chinese government's regulatory stance on cryptocurrencies began to tighten in 2014. The People's Bank of China (PBOC) issued an announcement, explicitly stating that Bitcoin does not have legal tender status and strengthening risk warnings. In January 2017, the PBOC Shanghai Headquarters conducted inspections on several platforms, including BTC China, pointing out issues such as operating beyond their scope and illegally conducting margin trading.
In September 2017, the Chinese government issued the "Announcement on Preventing Risks of Token Issuance Financing," suspending Initial Coin Offerings (ICOs) and demanding the closure of Bitcoin exchanges. Affected by this, BTC China stopped new user registrations on September 14, 2017, and ceased all digital asset trading services on September 30. OKCoin and Huobi also stopped RMB-to-crypto trading on October 31, 2017, and September 15, 2017, respectively.
Subsequently, many Chinese domestic cryptocurrency exchanges shifted their business focus to the international market. For example, after BTC China was acquired by a Hong Kong blockchain investment fund in January 2018, its business focus fully shifted internationally. In September 2021, the People's Bank of China and nine other departments jointly issued a notice, comprehensively prohibiting all virtual currency-related settlement and trading services, classifying all virtual currency-related business activities as illegal financial activities, and prohibiting overseas virtual currency exchanges from providing services to Chinese residents via the internet. Violators would be held criminally liable.
Current Situation
As of now, the Chinese government maintains a strict restrictive attitude towards cryptocurrencies, prohibiting virtual currency trading and mining activities. Nevertheless, according to an opinion from the Shanghai Court in November 2024, the legality of individual cryptocurrency ownership was recognized, but commercial activities remain prohibited. This means that in mainland China, virtual currency exchanges no longer exist, and related trading activities are considered illegal.
