Regulatory Policies and Current Status in Mainland China
According to current regulations in mainland China, virtual currencies (such as Bitcoin and Ethereum) do not have legal tender status and cannot circulate as currency in the market. Since September 2021, relevant departments have explicitly defined services such as exchanging legal tender for virtual currencies, exchanging virtual currencies for each other, and acting as a central counterparty to buy and sell virtual currencies as illegal financial activities, which are strictly prohibited within China. Overseas virtual currency exchanges providing services to Chinese residents via the internet also fall under the category of illegal financial activities.
From 2025 to 2026, regulatory policies continued to strengthen. The People's Bank of China and other departments have repeatedly issued notices, reiterating the prohibition of virtual currency-related businesses, and for the first time explicitly prohibiting domestic entities and their controlled overseas entities from issuing virtual currencies abroad, as well as prohibiting the issuance of any stablecoins pegged to the RMB. Virtual currency "mining" activities have also been listed as an eliminated industry, with new projects strictly forbidden.
Therefore, within mainland China, there are no legally operating "best domestic virtual currency platforms" or "virtual currency exchange software." Major global trading platforms such as Binance, HTX, and OKX have all announced a complete withdrawal from the mainland Chinese market, ceasing services to local users.
Overview of Major Global Compliant Exchanges
Globally, several jurisdictions permit virtual currency exchanges to operate within a compliance framework. Below are some trading platforms with high liquidity and recognition worldwide, whose operations must comply with the laws and regulations of their respective registration jurisdictions.
- Binance: One of the leading cryptocurrency exchanges by trading volume globally. Formerly headquartered in Malta, it now has entities in multiple regions worldwide and seeks localized compliance. Its business scope is extensive, supporting spot, derivatives, and other types of trading.
- Coinbase: A leading compliant cryptocurrency exchange in the United States, listed on Nasdaq. It holds money transmitter licenses in multiple U.S. states and is regulated by agencies such as the U.S. Securities and Exchange Commission (SEC), known for its services to retail users and institutional clients.
- Kraken: Another established U.S. cryptocurrency exchange, known for its security and support for a wide range of assets, also actively pursuing compliant operations globally.
- Bybit: A cryptocurrency exchange known for its derivatives trading, headquartered in Dubai, and holding operating licenses in multiple jurisdictions.
- OKX: Originally a mainland Chinese exchange, it has now fully shifted its business focus to international markets, headquartered in Seychelles, offering various trading services including spot and futures.
When choosing a trading platform, users should prioritize factors such as its local compliance, security record, asset custody solutions, supported trading pairs, and user interface experience. Service availability may vary across different platforms and regions; users should always refer to official platform announcements and local laws and regulations.
Risk Warning and Compliance Advice
Virtual currency trading is a high-risk activity globally, with extreme price volatility. Users should fully understand the associated risks before participating and only trade with funds they can afford to lose.
Crucially, users must comply with the laws and regulations of their jurisdiction. In regions where virtual currency trading is explicitly prohibited (such as mainland China), engaging in any form of trading activity carries both legal and financial risks. Even in regions where trading is permitted, users should choose trading platforms that hold relevant licenses, are regulated, and have high transparency. They should also properly safeguard private keys and use secure measures such as hardware wallets to store large amounts of assets.
