Overview of Mainland China's Virtual Currency Regulatory Policies
Since 2017, Mainland China has continuously tightened its regulatory stance on virtual currencies, explicitly prohibiting all virtual currency transactions and related financial activities. This stands in stark contrast to some other regions globally, such as the Hong Kong Special Administrative Region, which adopts a licensed regulatory approach for virtual assets.
- Complete Ban on Trading Activities: On September 24, 2021, the People's Bank of China and several other departments jointly issued a notice clarifying that virtual currency-related business activities are illegal financial activities and are strictly prohibited within the country. This includes the exchange between fiat currency and virtual currency, transactions between virtual currencies, acting as a central counterparty for virtual currency trading, and providing information intermediary and pricing services.
- Overseas Services Also Illegal: The notice also emphasized that even if overseas virtual currency exchanges provide services to Chinese residents through the internet, they are still considered illegal financial activities.
- Continuous Strengthening of Regulation: On February 6, 2026, the People's Bank of China and eight other departments jointly issued another document, reiterating the illegal nature of virtual currency-related businesses and prohibiting domestic entities and their controlled overseas entities from issuing virtual currencies or RMB-pegged stablecoins overseas. Internet companies are also prohibited from providing online operating venues or marketing promotions for virtual currency-related businesses.
- Severe Crackdown on Crime: The Chinese government continues to severely crack down on criminal activities involving virtual currencies, such as illegal operations, financial fraud, money laundering, gambling, illegal fundraising, and pyramid schemes.
No "Legitimate" Virtual Currency Trading Platforms in Mainland China
Based on the strict regulatory policies mentioned above, as of October 29, 2026, there are no approved, legitimate, or legal virtual currency trading platforms within Mainland China. Any platform claiming to have "obtained domestic official licenses" is engaging in false advertising or fraud. Investors should be highly vigilant about such information to avoid being deceived.
By the end of 2021, several major virtual currency trading platforms, including HTX, Binance, and OKX, had announced the delisting of Mainland Chinese users and closed related services in response to regulatory requirements.
Global Virtual Currency Market and Overview of Overseas Trading Platforms
Despite Mainland China's strict ban, the global virtual currency market continues to develop, with numerous overseas trading platforms emerging. These platforms are typically registered in overseas jurisdictions and provide services to global users under their compliance frameworks. For example, Binance, OKX, Bitget, Gate.io, Bybit, and KuCoin are some of the more well-known virtual currency trading platforms globally.
These platforms typically offer various services such as spot trading, futures trading, and staking. When choosing an overseas platform, users should fully understand its registration location, regulatory qualifications, security measures, and user service policies. For residents in regions where virtual currency trading is restricted, participating in overseas platform transactions carries legal and financial risks, and it is imperative to comply with local laws and regulations.
Any latest market trends, project information, and market dynamics regarding virtual currencies can be verified on professional information platforms such as Svmuu to obtain objective and comprehensive data.
Risk Warning
The virtual currency market is highly volatile, and investment risks are high. For residents of Mainland China, participating in virtual currency trading activities constitutes illegal financial activity and may face legal risks and property losses. It is imperative to comply with local laws and regulations and fully recognize the inherent risks of virtual currency investment.
