When China crypto exchange ban, a sweeping government action that shut down all domestic cryptocurrency trading platforms in 2021. Also known as China’s crypto crackdown, it didn’t just close exchanges—it forced the entire crypto ecosystem to adapt or disappear. The move wasn’t random. It was part of a larger strategy to control financial flows, promote the digital yuan, and stop capital flight. By September 2021, platforms like Huobi, OKX, and Binance China had to stop serving mainland users. No more trading. No more mining. No more local wallets. The rules were clear: if you’re in China, you don’t touch crypto—officially.
But here’s what most people miss: the ban didn’t kill crypto in China—it moved it underground and overseas. Thousands of miners packed up their rigs and shipped them to Kazakhstan, Georgia, and the U.S. Meanwhile, Chinese traders kept using peer-to-peer platforms like LocalBitcoins and Paxful, often with yuan through unofficial channels. Wallets like MetaMask and Trust Wallet became essential tools, not just for holding crypto, but for bypassing restrictions. The digital currency China, the state-backed digital yuan, or e-CNY, launched as a direct alternative to decentralized crypto gave the government full visibility into every transaction. That’s the real contrast: one system hides nothing, the other hides everything. And while China says it’s protecting citizens from fraud, critics argue it’s just replacing financial freedom with surveillance.
The ripple effects reached every corner of Asia. Countries like Vietnam and Thailand saw a flood of Chinese traders setting up shop locally, bringing capital and technical know-how. Meanwhile, exchanges outside China scrambled to update their KYC systems to block Chinese IP addresses. Even now, in 2025, the cryptocurrency regulations China, remain among the strictest in the world, with fines and jail time for violations. Yet, demand hasn’t vanished. It just went silent. People still buy Bitcoin. Still use DeFi. Still trade tokens—just not on platforms with "China" in the name.
What you’ll find in this collection are real stories from traders who navigated the ban, reviews of exchanges that still work for Chinese users abroad, breakdowns of how the digital yuan compares to Bitcoin, and warnings about scams that target those trying to bypass the rules. No fluff. No theory. Just what’s working, what’s dangerous, and what’s changed since the ban took effect.
As of June 2025, Chinese citizens are banned from owning or trading any cryptocurrency. This comprehensive ban, enforced by the PBOC, shuts down all crypto activity, from mining to personal wallets, to protect financial control and promote the digital yuan.