Crypto Exchanges Banned in China: What Happened and Where to Trade Now

When Crypto exchanges banned in China, a sweeping government crackdown in 2021 shut down all domestic cryptocurrency trading platforms and mining operations. Also known as China's crypto trading ban, it didn’t stop people from using crypto—it just pushed them offshore. The move was part of a broader effort to control financial flows and protect the yuan, but it ignored one simple truth: if people want to trade Bitcoin or Ethereum, they’ll find a way.

What followed wasn’t silence—it was adaptation. Millions of Chinese traders switched to offshore crypto exchanges, platforms based outside China that still accept users with VPNs and international IDs. These include Binance, OKX, and Bybit—all of which stopped serving Chinese IP addresses directly but still see heavy traffic from users bypassing restrictions. The China crypto ban, a policy meant to eliminate crypto use, instead created a thriving underground market powered by decentralized tools, peer-to-peer trading, and stablecoins like USDT. Meanwhile, Chinese regulators kept cracking down on local payment processors and bank accounts linked to crypto, making it harder to cash in—but not to hold or trade.

The ban also exposed a deeper truth: crypto isn’t just about speculation. For many in China, it’s a way to preserve wealth amid currency controls and economic uncertainty. Even with strict capital controls, people moved money through crypto P2P markets, using WeChat and QQ groups to match buyers and sellers. This wasn’t just tech-savvy traders—it was teachers, factory workers, and small business owners. And while the government claims the ban succeeded, data from blockchain analytics firms shows China still accounts for a large share of global Bitcoin trading volume—just hidden behind proxies and offshore accounts.

Today, if you’re in China and want to trade crypto, you don’t need a local exchange. You need a reliable VPN, a verified identity on an offshore platform, and a clear understanding of the risks. The exchanges themselves won’t admit you’re their customer—but they don’t have to. Their servers don’t care where you are, only that you send the right data. The crypto exchanges banned in China didn’t vanish. They just moved out of sight.

Below, you’ll find real-world examples of how people are still trading crypto under the radar, deep dives into the platforms they use, and clear guides on staying safe while navigating one of the strictest crypto environments in the world.