Which Crypto Exchanges Are Still Accessible in China? A Full List

Which Crypto Exchanges Are Still Accessible in China? A Full List

In recent years, China’s stance on cryptocurrency has evolved significantly. The Chinese government has implemented various restrictions and outright bans on cryptocurrency trading, making it challenging for residents to access major crypto exchanges. However, despite the government’s crackdown, some crypto exchanges continue to remain accessible to users in China, either through circumvention strategies like Virtual Private Networks (VPNs) or because they have adapted to the regulatory landscape. This article aims to provide an updated and detailed overview of the crypto exchanges that are still accessible in China, along with insights on how users can access them and the potential risks involved.

Background: The State of Crypto in China

China has long been a key player in the global cryptocurrency market, with its large population and high number of crypto miners. However, in 2021, the Chinese government initiated a series of stringent measures aimed at reducing crypto activity within its borders. These included banning financial institutions from providing services related to cryptocurrency and shutting down local crypto exchanges. The government has also cracked down on cryptocurrency mining operations, citing concerns about environmental impact and financial stability.

Despite these efforts, the demand for cryptocurrency in China remains high. Many residents continue to seek ways to engage with crypto markets, either for investment, trading, or decentralized finance (DeFi) purposes. The government’s crackdown on centralized exchanges has pushed some users to explore decentralized exchanges (DEXs) or rely on international exchanges that offer access through VPNs or other means. Below is a list of the major exchanges still accessible to Chinese users, along with the methods they use to maintain accessibility in the country.

1. Binance

Binance is one of the world’s largest and most popular cryptocurrency exchanges, and despite China’s strict regulatory stance on crypto, Binance continues to have a significant user base in China. Binance officially announced that it would halt operations for mainland Chinese users in 2021, but many Chinese traders still access the platform using VPNs or by registering through third-party intermediaries. Binance has continued to adapt by offering decentralized finance (DeFi) services and focusing more on blockchain infrastructure, which allows them to remain relevant even in a more hostile regulatory environment.

For users in China, accessing Binance involves using a VPN to bypass local restrictions. However, this comes with a level of risk, as it might violate local regulations and could potentially lead to account suspensions if the platform detects unusual access patterns. Binance has also launched its own P2P (peer-to-peer) trading platform, which may provide a workaround for users looking to buy or sell cryptocurrencies using the Chinese yuan (CNY).

2. Huobi Global

Huobi Global is a major cryptocurrency exchange originally founded in China and later moved its headquarters overseas due to regulatory pressure. Despite this, Huobi still caters to Chinese users through its global platform, offering a wide range of digital assets for trading. Huobi’s user-friendly interface, competitive trading fees, and strong liquidity have helped it maintain popularity in China, especially among institutional investors and experienced traders.

While Huobi has cut ties with mainland Chinese financial institutions, it still operates in the country indirectly. Similar to Binance, many Chinese users rely on VPNs to access Huobi’s services. The platform’s peer-to-peer trading service is also widely used by Chinese users as a workaround to circumvent government restrictions. However, users should be aware of the potential risks, including fluctuating access to services and the possibility of account suspension or restrictions in the future.

3. OKX

Another major exchange that remains accessible in China is OKX (formerly known as OKEx), which, like Binance and Huobi, had to adjust its operations in response to China’s crypto crackdown. OKX is registered in Malta and provides a range of cryptocurrency trading options, including futures, spot trading, and DeFi. OKX has a reputation for offering advanced trading features and deep liquidity, making it a popular choice for Chinese traders looking for robust tools.

While OKX has officially suspended the ability for Chinese users to access the platform using mainland IPs, many traders continue to use it through VPNs. In addition to using a VPN, OKX users in China may rely on decentralized finance (DeFi) platforms to carry out transactions and use the exchange’s services. OKX has also introduced several localized services to accommodate users in Asia, such as P2P trading in CNY, which remains accessible despite the regulatory challenges.

4. KuCoin

KuCoin is another exchange that has maintained a strong presence in China despite the regulatory challenges. KuCoin was founded in 2017 and has quickly become one of the top exchanges globally. Its user base in China remains significant due to its comprehensive range of features, such as margin trading, staking, and a variety of altcoins that are not always available on other platforms.

While KuCoin no longer accepts direct users from mainland China due to government restrictions, it still allows Chinese users to access the platform via VPNs. The platform also offers P2P trading, which enables users to buy and sell cryptocurrencies using CNY. In addition, KuCoin offers Chinese language support and tailored services for its Chinese-speaking user base. However, just like other exchanges, Chinese users must be mindful of the risks involved, as the platform may be subject to sudden changes in regulatory enforcement.

5. Gate.io

Gate.io is a global cryptocurrency exchange that was founded in China but has since moved its operations abroad. Despite the relocation, Gate.io remains accessible to Chinese users who rely on VPNs to bypass local restrictions. The exchange offers a wide range of cryptocurrencies, including many niche tokens, which appeals to Chinese traders looking for diverse investment opportunities.

Gate.io also features a P2P trading platform, which allows users to trade directly with one another using CNY. This platform is particularly important for Chinese users who are looking to avoid centralized exchanges or traditional fiat-crypto gateways. However, since Gate.io is not officially registered in mainland China, there may be occasional disruptions in service, and users should be cautious about potential security risks or regulatory crackdowns.

6. Decentralized Exchanges (DEXs)

As China has restricted access to centralized exchanges, many crypto traders have turned to decentralized exchanges (DEXs) as an alternative. DEXs allow users to trade directly with one another without relying on a central authority or exchange. Popular DEXs such as Uniswap, SushiSwap, and PancakeSwap are still accessible in China and do not require users to complete identity verification, making them a more private and secure alternative for Chinese users.

DEXs are particularly appealing in the current regulatory environment because they are harder to regulate or shut down compared to centralized platforms. However, there are risks associated with using DEXs, including the potential for scams, high slippage, and lack of customer support. Moreover, users need to have a solid understanding of decentralized finance and the technologies involved in order to avoid making costly mistakes.

How Can Chinese Crypto Users Access Exchanges?

For users in China who are looking to access international crypto exchanges, there are several methods to bypass government restrictions:

• VPNs (Virtual Private Networks): VPNs allow users to disguise their IP addresses and access websites as if they were located outside of China. Many crypto traders in China use VPNs to access exchanges like Binance, Huobi, and KuCoin. However, it’s important to note that using a VPN might be illegal in certain cases, and Chinese authorities have been known to block VPN services.
• Decentralized Exchanges (DEXs): DEXs don’t rely on centralized authorities, making them more resistant to censorship. Using DEXs is one of the safest and most effective ways for Chinese users to trade crypto, although it comes with its own set of challenges such as limited liquidity and high transaction fees.
• P2P Trading: Peer-to-peer (P2P) trading platforms allow users to buy and sell cryptocurrencies directly with one another, often using CNY. These platforms typically have lower regulatory oversight and are accessible even in restrictive environments like China. Popular P2P platforms include Binance P2P, Huobi P2P, and OKX P2P.

Conclusion

Despite China’s harsh stance on cryptocurrencies, many exchanges remain accessible to Chinese users through methods like VPNs and decentralized platforms. Binance, Huobi, OKX, KuCoin, and Gate.io are some of the major platforms still in use by traders in China, though users should exercise caution and be aware of the risks involved. The use of decentralized exchanges and peer-to-peer trading has become increasingly popular, as these methods allow users to bypass government-imposed restrictions more effectively. However, as China’s regulatory environment continues to evolve, the accessibility of these exchanges may change, and crypto users should stay informed about the latest developments in the country’s legal framework surrounding digital currencies.

FAQ: Related Questions

1. Can I still use Binance in China?

Yes, although Binance has officially ceased operations for Chinese users, many traders still access the platform using VPNs. However, using a VPN may violate local regulations, so users should be aware of the potential risks.

2. Are decentralized exchanges a safe option for Chinese users?

Decentralized exchanges (DEXs) are generally safer in terms of regulatory concerns because they don’t rely on a central authority. However, DEXs come with their own risks, such as lower liquidity and the potential for scams, so users need to exercise caution.

3. What are the risks of using a VPN in China to access crypto exchanges?

Using a VPN in China can violate local regulations, and the Chinese government has been known to block VPN services. This could result in restricted access to crypto exchanges or potential legal consequences. It is important to stay informed about the latest laws regarding VPN usage in China.

4. How can I buy cryptocurrency in China despite the bans?

Chinese users can buy cryptocurrency through peer-to-peer (P2P) platforms, decentralized exchanges, or by using international exchanges with VPNs. P2P platforms like Binance P2P, Huobi P2P, and OKX P2P offer the ability to trade directly with others using CNY.

5. Are there any exchanges based in China that are still operational?

Most of the major exchanges originally based in China, such as Binance, Huobi, and OKEx, have moved their operations offshore due to regulatory pressures. However, Chinese users still access these exchanges using workarounds like VPNs.