Top Chinese Crypto Exchanges: Navigating the Post-Ban Landscape

Despite China’s 2021 cryptocurrency trading ban, Chinese-founded exchanges continue to dominate global markets. This guide explores top platforms with Chinese roots, their unique features, and how traders adapt in today’s regulatory environment. Discover where innovation meets resilience in the world of digital assets.

The Evolution of China’s Crypto Exchange Ecosystem

China was once the epicenter of cryptocurrency trading, home to pioneering exchanges like Huobi and OKCoin. Following the 2017 ICO crackdown and 2021 blanket ban on crypto transactions, these platforms relocated offshore while retaining significant Chinese user bases. Today, exchanges founded by Chinese teams leverage cutting-edge technology and deep liquidity pools, serving global markets while navigating complex compliance landscapes.

Leading Chinese-Origin Crypto Exchanges in 2024

1. Binance

Founded by Changpeng Zhao (CZ) in China before relocating to Malta, Binance dominates global trading volume. Key features:

24h trading volume: ~$18 billion
1000+ cryptocurrencies supported
Lowest fees (0.1% spot trading)
Mandarin-language interface & dedicated Chinese community

2. OKX

Formerly OKEx, this Seychelles-based platform maintains strong Asian liquidity:

Innovative Earn products with 15%+ APY
Advanced derivatives trading
Proof-of-Reserves audits
Native utility token OKB with fee discounts

3. Huobi Global

Singapore-based successor to China’s first major exchange:

HT token ecosystem with burning mechanism
OTC portal for CNY conversions
Industry-leading staking options
24/7 Mandarin customer support

Emerging Contenders

Bybit: Derivatives-focused with copy trading
Gate.io: 1700+ altcoins with Launchpad
MEXC Global: Zero-fee spot trading

Key Features Comparison

Exchange	Spot Fees	Derivatives	CNY Pairs	Security Rating
Binance	0.10%	Yes	Via P2P	AAA
OKX	0.08%	Yes	OTC Desk	AA+
Huobi	0.20%	Yes	OTC Desk	AA

How Chinese Traders Access Exchanges Post-Ban

Despite restrictions, traders utilize:

Offshore Accounts: Using international KYC documents
P2P Platforms: Binance’s peer-to-peer CNY gateway
VPN Services: Masking IP addresses
OTC Desks: Direct yuan-to-stablecoin conversions

Security Considerations for Chinese Exchanges

Prioritize platforms with:

Proof-of-Reserves audits
Multi-sig cold wallets
Two-factor authentication (2FA)
Insurance funds (e.g., Binance SAFU)
Zero history of major hacks

FAQ: Chinese Crypto Exchanges Explained

Are crypto exchanges legal in China?

No. Since September 2021, all cryptocurrency transactions are banned in mainland China. The listed exchanges operate offshore.

How do Chinese users deposit funds?

Primarily through P2P marketplaces exchanging CNY for USDT, or via Hong Kong dollar transfers using offshore bank accounts.

Which exchange has the best CNY liquidity?

Binance’s P2P platform dominates CNY volumes, followed by OKX and Huobi’s OTC desks.

Can I use Chinese exchanges without VPN?

Most restrict IPs from mainland China. Traders typically require VPNs to access these platforms.

What happened to Huobi China?

Huobi Global relocated to Singapore in 2017. Its Chinese entity ceased exchange operations following regulatory directives.

Are these exchanges safe despite the ban?

Top platforms implement robust security, but users assume regulatory risks. Always verify proof-of-reserves and use cold storage.

The Future of Chinese Crypto Innovation

While mainland trading remains prohibited, Chinese blockchain development thrives through:

Hong Kong’s new crypto licensing regime
CBDC (Digital Yuan) advancements
Web3 startups in Singapore and Dubai
Mining migration to Kazakhstan and Texas

Exchanges founded by Chinese entrepreneurs continue driving global crypto adoption, proving that innovation transcends borders even amidst regulatory challenges.