When we talk about crypto in China, a highly regulated environment where digital assets are banned for payments but quietly traded through informal channels. Also known as digital currency in China, it’s not about whether crypto exists there—it’s about how people make it work despite the rules. The Chinese government doesn’t allow crypto as money. Banks can’t process Bitcoin transactions. Exchanges like Binance and Coinbase are blocked. But that doesn’t mean people stopped using it. Millions still trade, mine, and hold crypto—just differently.
One big piece of the puzzle is crypto mining China, a once-dominant industry that was pushed out of the country after the 2021 crackdown. Also known as Bitcoin mining China, it used to power over 70% of the world’s Bitcoin network. Now, most hardware is gone, but some miners moved to neighboring countries like Kazakhstan or hid in rural areas with cheap electricity. The government still monitors energy use closely, and any large-scale mining without approval can lead to equipment seizures. Then there’s Chinese crypto regulations, a strict framework that treats crypto as a commodity, not currency, and bans all exchange services targeting Chinese residents. Also known as crypto policy China, these rules force traders to use offshore platforms through VPNs. Many use tools like KCCSwap or decentralized apps on Ethereum and NEAR to swap tokens without touching a regulated exchange. You won’t find a licensed crypto exchange in mainland China today. But you’ll find people using crypto exchanges China, foreign platforms accessed via encrypted connections, often with local bank transfers disguised as peer-to-peer payments. Also known as overseas crypto trading China, this system relies on trusted contacts, WeChat groups, and P2P marketplaces like LocalBitcoins or Paxful. It’s not perfect—it’s risky—but it’s how most Chinese crypto users stay active.
What’s surprising is how much innovation still happens. DeFi projects like Ref Finance on NEAR Protocol get used by Chinese developers who can’t access traditional banking. Airdrops from global projects like SoccerHub or BinaryX still reach wallets in Shenzhen or Chengdu. Even meme coins like Pepes Dog (ZEUS) find buyers who see them as speculative bets, not investments. The government bans crypto payments, but it doesn’t stop people from buying and holding. It doesn’t stop miners from repurposing old rigs for AI training. It doesn’t stop developers from building tools that bypass restrictions.
So if you’re wondering whether crypto is dead in China, the answer is no—it’s just quieter. It moved underground. It adapted. It found loopholes. And it’s still growing, one encrypted connection at a time. Below, you’ll find real reviews and breakdowns of platforms, scams, and strategies that Chinese traders actually use today.
13 February
Despite China's 2021 crypto ban, 59 million people still trade crypto underground using VPNs, P2P platforms, and stablecoins. Here's how they do it - and why the government can't stop them.
