Core Mechanism and Development Background of Bitcoin
Bitcoin (BTC) is the world's first decentralized cryptocurrency, with its whitepaper published by Satoshi Nakamoto in 2008 and its network officially launched in 2009. Operating on a peer-to-peer network and a Proof-of-Work (PoW) consensus mechanism with a hard-capped supply of 21 million coins, Bitcoin features decentralization, censorship resistance, and global liquidity, and is widely regarded as the bellwether of the digital asset market.
Regulatory Policies on Virtual Currency Trading in Chinese Mainland
China maintains a strict regulatory stance on Bitcoin and virtual currency trading. Ten ministries and commissions, including the People's Bank of China (PBOC) and the Ministry of Public Security, have repeatedly issued notices explicitly defining virtual currency-related business activities as illegal financial activities and have continued to crack down on them. Relevant authorities maintain a high-pressure governance posture against domestic virtual currency trading, ICOs, and various forms of disguised token issuance and financing to prevent financial risks.
Relationship Between Major Crypto Platforms and the Chinese Mainland Market
As regulatory policies have tightened, major global cryptocurrency exchanges including Binance and OKX have successively announced their withdrawal from the Chinese mainland market or completed the offboarding of legacy mainland users, no longer providing related trading and account-opening services to residents of the Chinese mainland. Any over-the-counter (OTC) trading or attempts via overseas channels that some participants might engage in carry extremely high legal compliance risks and the risk of fund freezes. The public is advised to strictly comply with local laws and regulations and stay away from illegal financial activities.
