When you hear P2P crypto China, peer-to-peer crypto trading in a country where banks block crypto purchases and exchanges are tightly controlled. Also known as over-the-counter crypto trading, it’s how millions of Chinese users still buy Bitcoin, USDT, and other assets without going through regulated platforms. This isn’t theoretical — it’s daily life for traders who use apps like LocalBitcoins, Paxful, and OTC desks on Binance to swap fiat for crypto using WeChat Pay, Alipay, or bank transfers.
China banned crypto exchanges in 2021, but that didn’t stop trading. It just moved underground. P2P exchanges, direct buyer-seller platforms that match users without holding funds. Also known as decentralized OTC networks, they rely on escrow systems and user ratings to reduce fraud. Traders in Guangdong or Sichuan might buy USDT from someone in Shanghai using a QR code scan — no bank involved. The price? Usually 1-3% above spot, but worth it when you can’t access Binance directly. Meanwhile, China crypto regulations, strict rules that prohibit financial institutions from processing crypto transactions. Also known as the 2021 crypto crackdown, they force users to find workarounds — like using cash deposits, gift cards, or even trading through friends. The government doesn’t ban holding crypto, just making it easy to buy with yuan.
But it’s risky. Scammers target new users with fake escrow promises. Some sellers disappear after receiving payment. Others get flagged by banks and lose their accounts. That’s why experienced traders stick to verified users, use partial payments, and avoid large transfers. They also watch for sudden changes in platform rules — Binance’s P2P service in China has shifted its interface and payment methods multiple times since 2022. You’ll find posts here that break down exactly how to spot fake listings, which payment methods are safest, and how to keep your funds secure when trading in this gray zone. You’ll also see real examples of how traders navigate restrictions, what tools they use, and which platforms still work in 2025 — not theory, not speculation, but what’s actually happening on the ground.
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.
