What Crypto Exchanges Are Banned in China?
Dec, 4 2025
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China doesn’t just regulate cryptocurrency-it blocks it. Since 2017, the Chinese government has systematically shut down all centralized crypto exchanges operating within its borders. By 2021, the ban became total: no Binance, no Coinbase, no Kraken, no Huobi. Not even through a VPN. And by 2025, the rules haven’t softened-they’ve just gotten smarter.
What Exactly Is Banned?
The ban isn’t just about trading. It’s about access. Any platform that lets Chinese residents buy, sell, or trade Bitcoin, Ethereum, or any other cryptocurrency is illegal. That includes both local exchanges and foreign ones trying to serve Chinese users. The People’s Bank of China (PBOC) made it clear: if you’re based in China, you can’t use a centralized exchange. Period.Major platforms like Binance, Coinbase, Kraken, OKX, and Huobi were all forced to shut down their China-facing operations. Their websites were blocked by the Great Firewall. Their apps were pulled from Chinese app stores. Their Chinese customer service teams were disbanded. Even if you tried to sign up from abroad using a Chinese ID, your account could get flagged-and frozen.
The government didn’t stop at exchanges. Mining rigs were shut down. Bank accounts linked to crypto transactions were closed. Payments to crypto platforms were blocked. The goal wasn’t just to stop trading-it was to cut off every possible entry point.
Are You Allowed to Own Crypto in China?
This is where people get confused. A lot of headlines in May 2025 claimed China had made it illegal to own cryptocurrency. That’s not true.There was no new law. No official announcement. Just recycled rumors from 2021. Fact-checkers like Bitcoin Junkies and Grok confirmed it: China still doesn’t ban holding crypto. You won’t go to jail for having Bitcoin in a wallet. But if you bought it through a banned exchange, or used a Chinese bank account to fund it, you could face legal trouble.
The difference matters. Owning is technically allowed. Buying, selling, or trading through regulated platforms? That’s where the line is drawn. The government doesn’t care if you have crypto. It cares how you got it-and whether you used the financial system to do it.
How Do People Still Trade?
Despite the ban, crypto isn’t dead in China. It just went underground.Many Chinese users turn to peer-to-peer (P2P) platforms like LocalBitcoins or Paxful. Others use over-the-counter (OTC) traders who move money through cash, bank transfers, or even gift cards. These methods are riskier, slower, and more expensive-but they work.
Decentralized exchanges (DEXs) like Uniswap or PancakeSwap are also popular. Since they don’t require KYC or have a central server, they’re harder to block. Users connect their wallets directly and trade without intermediaries. But even here, the government watches. If your wallet is linked to a Chinese phone number or ID, it can still be flagged.
VPNs are everywhere. Thousands of Chinese users rely on them to access foreign exchanges. But the government has cracked down hard. Many popular VPN services have been blocked. Using one now carries real risk-fines, account freezes, or worse.
What Happens If You Get Caught?
The penalties aren’t theoretical. In 2024, Chinese courts handled over 300 cases related to crypto trading. Most were charged under laws against illegal fundraising or capital flight.One case involved a man in Guangzhou who used his father’s bank account to buy $200,000 worth of Bitcoin on Binance. He was fined, his accounts were frozen, and he was barred from opening new bank accounts for five years.
Another case in Shanghai involved a woman who used a fake ID to sign up for a foreign exchange. Her wallet was traced, her assets seized, and she was charged with “illegally transferring funds overseas.”
The government doesn’t need to prove you’re a criminal. They just need to prove you used a Chinese bank account or ID to access crypto. That’s enough.
Why Does China Hate Crypto So Much?
It’s not about fear of technology. It’s about control.China’s economy runs on state oversight. Banks, payments, currency-all controlled by the government. Crypto threatens that. It lets people move money without permission. It lets them store wealth outside the system. That’s dangerous to a regime that values stability above all.
That’s why they built the e-CNY-the digital yuan. It’s not crypto. It’s not decentralized. It’s a government-controlled digital cash system. Every transaction is tracked. Every user is identified. Every flow of money is monitored. The e-CNY isn’t a response to Bitcoin-it’s the alternative to it.
While the world debates decentralization, China is building the most surveilled digital currency on earth. And they’re pushing it hard. By 2025, over 200 million people in China are using the e-CNY for everyday purchases-from street vendors to subway tickets.
What’s the Impact on Global Markets?
China’s ban removed the largest population of potential crypto users from the market. That’s 1.4 billion people. Even if only 10% were active traders, that’s 140 million users gone overnight.When rumors of new restrictions hit in May 2025, Bitcoin dropped from $111,000 to under $104,000 in under an hour. Ethereum fell 7%. Stablecoins like USDT spiked as people rushed to park cash in something that felt safe.
But here’s the twist: the drop didn’t last. Smart traders saw it as a buying opportunity. In the weeks after, Bitcoin climbed back up. The ban didn’t kill crypto-it just moved the market.
China’s absence created gaps. Liquidity dropped. Trading volumes shrank. But decentralized networks, OTC markets, and offshore platforms filled the space. The global market adapted. China didn’t stop crypto. It just forced it to evolve.
Will the Ban Ever Lift?
Don’t count on it.There’s no sign China is backing down. In July 2025, officials from the Shanghai State-Owned Assets Supervision and Administration Commission hinted that digital assets might lead to a "softening" of policy. But they didn’t say how. Or when. Or if.
Industry analysts think China might one day allow trading on licensed, state-approved platforms. But those platforms would look nothing like Binance. They’d be tightly controlled, fully monitored, and tied to the e-CNY.
For now, the message is clear: if you want to trade crypto in China, you’re on your own. And you’re taking a risk.
What’s Next for Crypto in China?
The future isn’t about lifting the ban. It’s about replacing it.China is investing billions into blockchain tech-just not for crypto. They’re building supply chain trackers, digital identity systems, and smart contracts-all using permissioned blockchains that the government controls.
They’re also testing yuan-backed stablecoins. Not Bitcoin. Not Ethereum. A digital token tied to the Chinese yuan, issued by the central bank, and usable only within China’s financial system.
That’s the real endgame: not banning crypto, but making it irrelevant. If you can pay for everything with the e-CNY, why bother with Bitcoin?
For now, Chinese crypto users keep trading-quietly, carefully, and at their own risk. The government watches. The market adapts. And the world keeps moving.
Cristal Consulting
December 4, 2025 AT 12:13Really well put. I’ve seen friends in China use P2P platforms and it’s wild how creative they get-cash drops, gift cards, even trading via WeChat red envelopes. The system’s broken, but people still find ways.
Respect to anyone doing this under that kind of pressure.
Tom Van bergen
December 4, 2025 AT 21:28China doesn't hate crypto they hate freedom of movement of capital and that's it
the e-CNY is just digital serfdom
you think you're paying for dumplings but you're really paying for surveillance
and nobody talks about that
Sandra Lee Beagan
December 6, 2025 AT 02:49This is such a nuanced take. I’m Canadian and I’ve talked to Chinese expats who still hold BTC in cold wallets-they’re terrified of using any local bank link but won’t let go of their holdings.
It’s like digital hoarding with a side of anxiety 😔
They’re not rebels, they’re just preserving what they believe in.
And honestly? I admire that more than I can say.
Ben VanDyk
December 7, 2025 AT 02:40the fact that people still trade crypto in china is wild
but also not surprising
people will always find a way
just like they did with pirated movies and vpn apps
the government can block websites but they can't block human ingenuity
also the e-cny is just a tracking device with a fancy name
Stanley Wong
December 8, 2025 AT 00:36It’s funny how people think this is about technology when it’s really about control. The Chinese government doesn’t fear Bitcoin, they fear what Bitcoin represents-a system where individuals have autonomy over their wealth. That’s a direct threat to a centralized state that’s built its legitimacy on managing every economic flow. The e-CNY isn’t progress, it’s the ultimate extension of the surveillance state. Every transaction, every purchase, every transfer logged, tagged, analyzed. You’re not using digital currency-you’re being monitored by it. And the irony? The same people who scream about privacy in the West are the ones building the most invasive financial system on Earth. It’s not anti-crypto. It’s pro-total control. And they’re winning because they don’t care about innovation-they care about obedience.
Nicole Parker
December 9, 2025 AT 16:58I’ve spent years studying financial sovereignty and this is one of the most chilling examples I’ve ever seen. The ban isn’t just about stopping trading-it’s about erasing the possibility of financial independence for an entire generation. Imagine growing up knowing you can’t own anything that isn’t tracked, taxed, and approved by the state. That’s not capitalism. That’s not even feudalism. That’s algorithmic authoritarianism. And the worst part? The world is watching, but doing nothing. We cheer for decentralization in theory, but when it’s happening in a country of 1.4 billion people, we look away. We call it ‘authoritarian’ and move on. But what if the future isn’t just in the West? What if the future is already here, and it’s wearing a digital yuan wallet?
Shane Budge
December 9, 2025 AT 20:41so is it illegal to own crypto or not?
sonia sifflet
December 10, 2025 AT 13:22China is right to ban crypto. Western capitalist propaganda is poisoning youth with gambling disguised as investment. Bitcoin is a pyramid scheme with no intrinsic value. The e-CNY is the only honest system. Your money should serve the state, not some anonymous miner in Iceland. Stop romanticizing financial chaos. China is building the future. You are clinging to a failed experiment.
Richard T
December 10, 2025 AT 14:57Great breakdown. I’d add that the real story isn’t the ban-it’s the quiet resilience. People aren’t just using P2P or DEXs. They’re building underground networks. Private Telegram groups. Trusted OTC brokers with 10-year reputations. Some even use crypto to pay for cross-border family support. It’s not about speculation anymore. It’s survival. And in that sense, crypto in China isn’t a market-it’s a movement. One that doesn’t need headlines to matter.
jonathan dunlow
December 11, 2025 AT 01:04Let me tell you something-this isn’t just about crypto. This is about the soul of a society. When a government tells you what you can and can’t own, what you can and can’t believe in, what you can and can’t value-that’s not policy. That’s spiritual suppression. And the fact that millions of Chinese people still hold crypto in secret? That’s not rebellion. That’s hope. That’s the quiet whisper of freedom in a world trying to silence it. The e-CNY might track your coffee purchase, but it can’t track your dreams. And that’s why this fight isn’t over. Not even close.
rita linda
December 12, 2025 AT 18:03Westerners love to romanticize crypto in China like it’s some underground resistance. Newsflash: it’s not brave. It’s reckless. And it’s illegal. The Chinese government is protecting its citizens from financial predators and capital flight. You think Bitcoin is freedom? It’s a volatile asset used by criminals, tax evaders, and fraudsters. The e-CNY is responsible governance. Stop acting like China is the villain for enforcing its own laws. We don’t let people sell drugs in our streets-why should we tolerate unregulated digital gambling?
Regina Jestrow
December 13, 2025 AT 01:10I cried reading the part about the guy in Guangzhou who used his dad’s account. That’s not just a fine-that’s a lifetime scar. Imagine being 28 and told you can’t open a bank account for five years because you believed in something your government called ‘illegal.’ That’s not justice. That’s punishment for having a different vision of money. And the worst part? He didn’t even steal anything. He just wanted to own something that wasn’t controlled by a central bank. That’s not a crime. That’s a human right. And yet… they took it from him anyway.
Martin Hansen
December 14, 2025 AT 11:24China’s ban is the only sane policy in the world. Crypto is a scam designed to enrich degens and tech bros while destabilizing sovereign monetary systems. The fact that you’re even defending this as ‘freedom’ proves how lost the West is. The e-CNY isn’t surveillance-it’s order. And order is what civilization needs. Stop glorifying anarchists with wallets. China is the future. The rest of you are just screaming into the void.