Crypto Exchanges & Regulation – Top exchanges in China by Coincub criteria
| Total population | 1,408,000,000 |
| GDP (in USD Millions) | 19,400,000 |
| Total # of universities | 2,495 |
| Leading blockchain universities | 3 |
| Jobs in blockchain | - |
| Bitcoin mining | 20% |
| CBDC stage | Pilot / Quasi-launch |
| Crypto received (in USD$) | 2.08B |
| Crypto sent | - |
| Bitcoin ATMs | - |
| Bitcoin nodes | - |
| Companies with bitcoin in treasury | - |
| Population % owning crypto | 5% |
| Crypto exchanges based in country | - |
| Bitcoin Interest | - |
| ICOs (Initial Coin Offerings) | 64 |
| ICOs energy | - |
| Fraud crypto score | 12 |
| Crypto financial services | 12/50 | |
| Web3 population adoption | 4/20 | |
| Web3 environmental impact | 3/20 | |
| Crypto trading | 9.5/20 | |
| Web3 talent | 15/30 | |
| Web3 proliferation | 12/30 |
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Mainland China has kept the September 2021 blanket ban on cryptocurrency transactions, and the PBOC reiterated the same position in October 2025, adding warnings about offshore stablecoins. But the country is well-known for the enforcement and lifting of bans on crypto and the country’s population retains a huge appetite for Bitcoin. Whether or not cryptocurrency comes back on the menu (a sort of sweet and sour Bitcoin) – at least it’s something you can do while you’ve been confined to your room under the world’s most caring Covid enforcement laws – who knows?
The People’s Bank of China (PBoC) and the Ministry of Public Security issued a joint decree on February 6, 2026, explicitly expanding the ban to cover Real-World Asset (RWA) tokenization and offshore Yuan-pegged stablecoins. Cryptocurrency remains 100% illegal for all business activities, including OTC (Over-the-Counter) trading, which was previously a “grey area.” Authorities now classify any conversion between fiat and crypto as “illegal financial activity” with severe criminal penalties.
It was the world’s leading Bitcoin miner before the ban and this dropped right off. The 2021 enforcement campaign forced public mining operations to leave or go dark, but evidence shows that the country still hosts about 21% of global Bitcoin hashrate, keeping China in the no. 2 spot. China was once the world’s largest Bitcoin mining country, with the local BTC hash rate power accounting for more than 75% in 2019. While some “clandestine” mining still exists using hidden hydroelectric or rural solar power, China’s share of global hashrate has dropped to negligible levels. In early 2026, the network saw its largest-ever negative difficulty adjustment specifically due to a new wave of AI-powered “energy signature” detection used by Chinese authorities to hunt remaining mining rigs.
Blockchain development in China
Blockchain and advanced fintech development is where the country sees its future – and where China is, unsurprisingly, well advanced – but ceding control of the money supply to its people via decentralized cryptocurrencies is not where China wants to be. The country is actively expanding the e-CNY to more cities and channels in 2024–25, and the central bank now treats it as a strategic payments project. Public take-up is still below what Beijing wants, which is why the rollout keeps being widened.
Spending Bitcoin in China
2025 guidance from the PBOC again tells banks and payment companies not to facilitate crypto-related payments, and enforcement has spilled over into OTC and stablecoin desks. China’s efforts to hinder or ban crypto activities have been many in the past but this time it even takes in mining, for which the country had the world’s foremost position. If you have crypto to spend, it’s unlikely you’ll be able to fritter it away.
On January 1, 2026, the e-CNY transitioned from “digital cash” to “digital deposit money.” For the first time, e-CNY wallets now earn interest (initially set at 0.05% annually, matching standard bank savings rates). This was done to combat the “idle wallet” problem and encourage citizens to keep funds in the e-CNY ecosystem rather than moving them back to traditional banks.
China’s position as the world’s most active crypto mining country and the volumes of cryptocurrency being traded by its population were curtailed following the government’s last massive crackdown on all things crypto. China’s full-on ban on crypto transactions and mining was implemented by the central bank and all prominent financial, securities, and foreign exchange regulators. Crypto trading, officially deemed illegal, now asks questions as to how the crypto economy can recover in China and whether the loss of revenues derived from crypto mining will affect the government’s decision.
The latest ban on cryptocurrency trading follows a similar ban earlier in 2021, and some before that in 2017 and 2013. This ban appears to be more cogent, bringing into play the closing down of loopholes to eradicate the market for cryptocurrency. Because onshore crypto trading is still illegal, tax treatment is not the issue in 2025, and the bigger risk is administrative or criminal penalties for using unapproved platforms.
China’s crackdown on what it sees as speculative cryptocurrency investment at best – and a way to launder money now renders all tax irrelevant. Trading crypto-currency had already officially been banned in China but continued through online foreign exchanges. To date, China’s government agencies have told banks and payment platforms to stop facilitating transactions and issued bans on mining. It is now illegal to trade and invest in cryptocurrency.
China’s latest – and most concerted – effort to ban crypto activity impacts all activities, not least mining. China, once a world leader in crypto mining, now appears to have no interest in maintaining this position. China’s National Development and Reform Commission has vowed to restrict financial support and electricity supply for mining, ostensibly, it says because it disrupts the country’s carbon neutrality goals.
The race was once on for cryptocurrency to provide a means to save and invest for old age, or simply to get rich quickly, but now the rules have changed with many organizations and individuals in China and Hong Kong looking to safeguard the assets they still have. To say that far-sighted crypto investment schemes are not on the menu at present would be something of an understatement.
The People’s Bank of China (PBOC) is fervent in its desire to clamp down on the growth of cryptocurrency trading and has issued a ban on overseas exchanges providing services to China-based investors. Also barred are the relevant financial institutions and payment facilitators which enable cryptocurrency trading nationally. With banks not allowed to process transactions and a crackdown on the infrastructure that supports crypto, it would be fair to say there will be no financial sector involvement or innovation in the crypto economy for the time being
Through its many agencies and institutions, China has expressed the view that speculation in cryptocurrency – trading – is a disruptive influence on the country’s economic and financial stability. More pertinent is that the cryptocurrency boom that took off in China is seen as a potential challenge to the sovereign digital yuan, which is being trialed. Any mainland Chinese interest in DeFi or tokenisation is being routed through Hong Kong’s regulated framework instead of the mainland system. Following on from this, the development of exploration of decentralized finance (Defi) as a potential technology outside the established financial system looks a long way off.
Best crypto exchanges in China
| NAME | RATING | FOUNDED DATE | DEPOSIT METHOD | BASED IN | REVIEW | SIGN UP | ||
|---|---|---|---|---|---|---|---|---|
| #1 |
|
Crypto.com | 4.6 | 2016 | Credit Card Bank Transfer | Singapore | Coincub Review | Register Now |
| #2 |
|
OKX | 4.25 | 2017 | Bank card P2P third-parties crypto | Seychelles | Coincub Review | Register Now |
| #3 |
|
Kraken | 4.1 | 2011 | Card Bank On-Chain | San Francisco | Coincub Review | Register Now |
| #4 |
|
Nexo | 4.0 | 2018 | Credit/Debit Card Apple Pay Google Pay Crypto | Switzerland | Coincub Review | Register Now |
| #5 |
|
MEXC | 4.0 | 2018 | Crypto card SEPA (limited regions) P2P third parties | Seychelles | Coincub Review | Register Now |
| #6 |
|
Figure Markets | 4 | 2024 | Bank transfer (ACH Wire) Crypto (USDC) SEPA/SWIFT coming soon | USA | Coincub Review | Register Now |
| #7 |
|
Coinbase | 4.0 | 2012 | Credit Card Bank Transfer | USA | Coincub Review | Register Now |
| #8 |
|
GateSponsored | 4.0 | 2013 | Bank Transfer Credit Card Debit Card SEPA Apple Pay Google Pay | Coincub Review | Register Now | |
| #9 |
|
Revolut | 4.0 | 2015 | Credit Card Bank Transfer | London, UK | Coincub Review | Register Now |
| #10 |
|
BYDFi | 3.9 | 2020 | Bank transfer credit/debit card Apple Pay Google Pay crypto | Singapore | Coincub Review | Register Now |
| #11 |
|
Independent Reserve | 3.82 | 2013 | EFT bank transfers SWIFT transfers crypto Osko/PayID Credit/Debit cards and PayPal | Australia | Coincub Review | Register Now |
| #12 |
|
Binance | 3.8 | 2017 | Card Bank | Cayman Islands | Coincub Review | Register Now |
| #13 |
|
Bybit | 3.6 | 2018 | Card Crypto Sepa Wise Alipay Wechat Apple Pay Google Pay | UAE | Coincub Review | Register Now |
| #14 |
|
eToro | 3.6 | 2007 | Credit/Debit Card PayPal Bank Transfer Wire Transfer | Israel | Coincub Review | Register Now |
| #15 |
|
KuCoin | 3.5 | 2017 | Crypto deposits only; limited fiat on-ramp through third-party vendors | Seychelles | Coincub Review | Register Now |
| #16 |
|
PrimeXBT | 3.3 | 2018 | Crypto Card Bank | Seychelles | Coincub Review | Register Now |
| #17 |
|
Bitget | 3.3 | 2018 | Card Bank P2P | Seychelles | Coincub Review | Register Now |
| #18 |
|
Blockchain.com | 3.2 | 2011 | Bank card crypto | Luxembourg | Coincub Review | Register Now |
| #19 |
|
CEX.IO | 3.2 | 2013 | Debit/credit cards Google/Apple Pay SWIFT SEPA and other domestic transfers E-wallets (Skrill Neteller PayPal Epay MoneyGram) Multichain cryptocurrencies. | United Kingdom | Coincub Review | Register Now |
| #20 |
|
Uphold | 3.17 | 2015 | Bank account Credit/debit card Apple/Google Pay Wire transfer Crypto networks | USA | Coincub Review | Register Now |
| #21 |
|
Luno | 3.1 | 2013 | Card Bank | UK | Coincub Review | |
Crypto.com
4.6
OKX
4.25
Kraken
4.1
Nexo
4.0
MEXC
4.0
Figure Markets
4
Coinbase
4.0
GateSponsored
4.0
Revolut
4.0
BYDFi
3.9
Independent Reserve
3.82
Binance
3.8
Bybit
3.6
eToro
3.6
KuCoin
3.5
PrimeXBT
3.3
Bitget
3.3
Blockchain.com
3.2
CEX.IO
3.2
Uphold
3.17
The cryptoeconomy currency has been subject to crackdowns by the Chinese government over several years but the latest one looks to be the most concerted effort yet. Some point to the fact that China does not appreciate the untrammelled growth of a non-centralised financial currency system, or that crypto currency interferes with its own exploration of a state-backed digital yuan and central bank digital currency.
The reasons are many, but at present any issues of compliance seem redundant, except for complying not to trade, service or participate in any form of crypto activity outside of further developments. As a matter of course, state intuitions have warned buyers they would have no protection for continuing to trade cryptocurrency, and the government will be increasing its efforts to eradicate the crypto industry.
Mainland China continues to use Hong Kong as a “regulated sandbox.” While a mainlander cannot buy Bitcoin, the Hong Kong Stablecoin Bill (effective August 2025) allows the CCP to observe how stablecoins interact with traditional finance from a safe distance.
Be warned though. as moving funds from the Mainland to Hong Kong to buy crypto is a violation of capital controls and is a high-priority target for the “Clean Net” 2026 police task force.
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