When Crypto exchanges banned in China, the Chinese government shut down domestic platforms to regain control over financial flows and prevent capital flight. Also known as China's cryptocurrency exchange crackdown, this move wasn’t just about regulation—it was a full-scale withdrawal of official support for decentralized finance. In September 2021, the People’s Bank of China declared all crypto trading and exchange activities illegal, forcing platforms like Huobi, OKX, and Binance to shut down their local operations. No Chinese-based exchange could legally operate after that. But the ban didn’t stop trading—it just pushed it underground and overseas.
The China crypto ban, targeted centralized exchanges first, but left P2P trading and private wallets untouched. Also known as crypto prohibition in China, it was designed to protect the yuan’s dominance and prevent speculative bubbles from destabilizing the economy. What followed wasn’t silence—it was adaptation. Millions of Chinese traders switched to peer-to-peer platforms like LocalBitcoins and Paxful, using WeChat and Alipay to buy and sell Bitcoin without touching a banned exchange. Even now, China remains one of the largest sources of Bitcoin mining hash rate and crypto trading volume globally—just not through official channels. Meanwhile, the cryptocurrency regulation China, has evolved into a strict two-track system: zero tolerance for exchanges, but quiet tolerance for personal crypto holdings. Also known as China’s crypto legal gray zone, this approach lets people hold Bitcoin in wallets, but punishes anyone who runs a platform or promotes trading services. Banks and payment processors are legally required to block transactions linked to crypto exchanges, and regulators scan social media for any hint of promotion. The result? A thriving underground market where users rely on VPNs, offshore wallets, and cash-based P2P deals to keep trading.
What you’ll find in the posts below are real reviews of platforms that Chinese users still rely on—some legal, some risky, all active. You’ll see how exchanges like CoinCola and Bitocto operate in unbanked regions, how scams like CDAX prey on confusion, and why even a simple P2P trade can turn dangerous without the right knowledge. This isn’t about theory. It’s about survival in a system where holding crypto is allowed, but helping others access it is not.
China banned all centralized crypto exchanges in 2021, and the restrictions tightened through 2025. While owning crypto isn't illegal, trading through regulated platforms is. The government blocks access, monitors wallets, and pushes its own digital yuan instead.
