Current Status of Virtual Currency Trading Platforms in Mainland China
Since 2021, Mainland China has implemented a comprehensive and strict prohibition policy on virtual currency trading and related businesses. The "Notice on Further Preventing and Disposing of Risks Related to Virtual Currency Trading and Speculation," jointly issued by the People's Bank of China and nine other departments in September 2021, explicitly states that virtual currency-related business activities are illegal financial activities and are strictly prohibited without exception. The notice also emphasized that overseas virtual currency exchanges providing services to residents within China via the internet are likewise deemed illegal financial activities.
In February 2026, the People's Bank of China and seven other departments reiterated this stance, clarifying that virtual currencies do not possess the same legal status as legal tender. All related business activities (including exchanges between legal tender and virtual currencies, exchanges between virtual currencies, and the provision of information intermediation and pricing services) are illegal financial activities, strictly prohibited within China, and will be shut down according to law. Domestic entities and individuals who knowingly or should have known that overseas entities are illegally providing virtual currency-related services to China, yet still provide assistance, will be held accountable according to law, and if a crime is constituted, criminal responsibility will be pursued according to law.
Affected by this policy, major virtual currency trading platforms, including Huobi (HTX), Binance, and OKEx (now OKX), announced the delisting of Mainland Chinese users by the end of 2021. For example, Huobi closed deposit and crypto-to-crypto trading functions for Mainland Chinese users in December 2021 and delisted CNY trading in its OTC section. Binance also delisted the CNY trading zone on December 31, 2021, and switched Mainland Chinese user accounts to a "withdrawal-only" mode.
In Mainland China, participating in virtual currency trading carries significant legal risks, which may lead to frozen bank cards or even criminal charges, especially in over-the-counter (OTC) transactions. Furthermore, any unit or individual investing in virtual currencies and related financial products, if it violates public order and good morals, will have the relevant civil legal acts deemed invalid, and any resulting losses must be borne by themselves.
Leading Global Virtual Currency Trading Platforms
Globally, the virtual currency trading market is highly competitive, with several platforms distinguishing themselves through their trading volume, liquidity, user base, and compliance. Based on publicly available data, the following are some of the major players in the current market:
- Binance: As one of the world's largest cryptocurrency exchanges, Binance has long maintained a leading position in spot trading volume. According to 2024 data, Binance accounted for approximately 46.59% of the cumulative spot trading volume in the cryptocurrency market, with a cumulative trading volume of 7.23 trillion USD. Despite facing regulatory challenges, Binance continues to maintain its dominant position by obtaining licenses and registrations in multiple jurisdictions worldwide. As of 2025, its asset size is approximately 12.85 billion USD, with a 24-hour trading volume of approximately 19.025 billion USD.
- OKX: OKX is a globally renowned digital asset trading platform, particularly strong in the Asian market. It offers crypto-to-crypto and derivatives trading services for various digital assets, including Bitcoin and Ether. In 2024, OKX's 24-hour trading volume was approximately 21.423 billion USD. As of 2025, its asset size is approximately 17.1 billion USD, with a 24-hour trading volume of approximately 16.050 billion USD.
- Bybit: Bybit excels in the derivatives trading sector, serving over 200 countries and regions, attracting a large number of users with its user-friendly interface and good liquidity. In 2024, Bybit's 24-hour trading volume was approximately 12.676 billion USD. As of 2025, its asset size is approximately 210 million USD, with a 24-hour trading volume of approximately 1.590 billion USD.
- Coinbase: As a compliant exchange headquartered in the United States, Coinbase is known for its security, user trust, and strict regulatory adherence, making it the preferred platform for many US users to invest in digital assets. In 2024, Coinbase's 24-hour trading volume was approximately 1.271 billion USD.
- HTX: HTX (formerly Huobi) was once one of the largest virtual currency trading platforms in Mainland China, later shifting its business focus entirely to the international market, continuing to provide global trading technology and services. As of 2025, its asset size is approximately 4.520 billion USD, with a 24-hour trading volume of approximately 31.075 billion USD.
- Other Notable Platforms: In addition to the platforms mentioned above, Kraken, Bitget, KuCoin, Gate.io, Crypto.com, and others are also often listed among the top global exchanges, each having advantages in specific markets or service areas.
It is worth noting that exchange rankings and data can fluctuate with market dynamics and regulatory environments, and the data provided above is for reference only.
