Crypto Exchange Comparison Tool
Key Requirements Summary
Verification Success Rate
82% with valid ID
Verification Time
72 hours avg
Account Freeze Risk
High during crackdowns
China banned cryptocurrency exchanges in 2017. Then in 2021, it cracked down even harder - shutting down mining, blocking trading platforms, and telling banks to cut off crypto-related payments. But here’s the thing: millions of Chinese citizens are still trading crypto. They’re not stopping. They’re just finding ways around the rules.
If you’re a Chinese citizen wondering which exchanges still work, the answer isn’t simple. You won’t find a list of legal, government-approved platforms inside Mainland China. Instead, you’re looking at offshore exchanges that let you in - if you know how to get past the walls.
Why Most Exchanges Block Chinese Users
Binance, Coinbase, Kraken - these are big names. But if you’re in Mainland China and try to log in, you’ll likely get blocked. Why? Because they have to. The Chinese government doesn’t just discourage crypto; it actively punishes companies that serve Chinese users. Exchanges that don’t comply risk losing access to global banking systems, facing fines, or being blacklisted.
Most major exchanges now use advanced geo-blocking. They detect your IP address, your device fingerprint, even your browser language. If you’re in Beijing, you’re out. Kraken’s 2024 transparency report says they block access from 179 countries - China is on that list. Coinbase updated its policy in September 2024 to explicitly prohibit users from Mainland China. Even if you try to sign up with a foreign passport, they’ll often flag your address or phone number as Chinese.
It’s not just about blocking. Verification is another hurdle. If you try to upload your Chinese ID card, most exchanges will reject it. They don’t trust it. They’ve seen too many fake documents. So even if you bypass the IP block, you’re still stuck unless you have something else.
What Chinese Citizens Actually Use
People aren’t giving up. They’re adapting. According to a July 2024 CoinGecko survey of 1,200 Chinese crypto users, 42% use a VPN to get around IP blocks. That’s nearly half. The most common ones? NordVPN and ExpressVPN - they’re reliable, fast, and have servers that work in China.
But the real key isn’t just the VPN. It’s the ID. Most exchanges that accept Chinese users require a non-Chinese identification document. That means:
- A Hong Kong ID card
- An international passport
- A residence permit from another country
Without one of these, you’re not getting verified. A February 2025 OKX compliance report found that 82% of exchanges prefer one of these documents for Chinese applicants. That’s why so many users in Guangdong or Shenzhen travel to Hong Kong to get a visa or residency - not just for tourism, but for crypto access.
Exchanges That Still Work (And How)
Here are the exchanges Chinese citizens are actually using in 2025 - not because they’re legal in China, but because they’re accessible if you know the workarounds.
Binance
Binance was founded in China. It still has the biggest user base among Chinese speakers. But since 2017, it’s moved its headquarters out of the country. Today, it blocks Chinese IPs. You need a VPN. But once you’re in, you can trade 356 cryptocurrencies. Fees are low: 0.1% for makers and takers. The catch? You can’t deposit Chinese yuan (CNY). You’ll need to use crypto-to-crypto trades or peer-to-peer (P2P) to get funds in. Many users report that Binance accepts passports, but freezes accounts if they detect frequent Chinese IP logins.
Bybit
Bybit is one of the fastest-growing platforms among Chinese users. It offers 650 cryptocurrencies - more than almost any other exchange. Fees are just 0.1%. It doesn’t block Chinese IPs as aggressively as others, and its customer support is available in Mandarin 24/7. In June 2025, Bybit applied for a license in Hong Kong. That’s a big deal. It means they’re positioning themselves as a compliant bridge between Mainland China and the regulated world. Users with Hong Kong IDs report smooth verification. Even without one, many Chinese users get in with passports and a stable VPN.
Huobi
Huobi started in Beijing in 2013. It moved to Seychelles after the 2017 ban. Today, it still has the strongest presence among Chinese-speaking traders. Its app has a full Mandarin interface. It lists 430 cryptocurrencies. Fees are 0.2%. According to Huobi’s 2024 annual report, 35% of its 10.2 million active users come from Greater China - that includes Hong Kong, Taiwan, and Mainland users accessing it offshore. Verification is strict. You’ll need a passport or Hong Kong ID. But once you’re in, withdrawals are reliable.
Crypto.com
Crypto.com blocks Chinese IPs by default. But its Hong Kong entity is licensed by the SFC. That means if you have a Hong Kong ID or visa, you can sign up through Crypto.com HK. You’ll get access to 250 cryptocurrencies. Fees are 0.4% - higher than others, but the platform is polished, with a good app and strong security. Chinese users on Trustpilot give it 3.2/5 stars, mostly because of KYC delays. One user wrote: “Took 11 days to get verified. They kept asking for proof of address in Hong Kong.”
Kraken
Kraken is ranked #1 in 2025 for security and compliance. But it’s also one of the strictest. It blocks Chinese IPs. It rejects Chinese IDs. But if you have a Hong Kong residence permit or an international passport with a non-Chinese address, you can get in. It offers 245 cryptocurrencies. Fees range from 0.16% to 0.26%, depending on your trading volume. Kraken doesn’t offer Mandarin support. That’s a downside. But if you’re technical and want a safe, regulated platform, it’s a top choice.
OSL Exchange
OSL is the first fully licensed digital asset platform in Hong Kong. It’s regulated by the SFC. That means it follows strict anti-money laundering rules. But it also means it’s one of the few platforms where Chinese citizens with Hong Kong residency can trade legally. It lists 50 cryptocurrencies - fewer than others, but all are vetted. Fees are 0.2%. Users report it’s the most reliable for withdrawals. A WeChat post from August 2024 described OSL as “the only exchange I trust.” 247 users commented positively on the experience.
P2P Platforms: BingX, SimpleSwap
Not everyone wants to go through KYC. That’s where peer-to-peer (P2P) platforms come in. BingX and SimpleSwap let you trade directly with other users. You pay in CNY via bank transfer, WeChat Pay, or Alipay - even though those services are officially banned for crypto. The problem? Scams. A Reddit user in May 2025 lost $15,000 on LocalBitcoins after a buyer disappeared after receiving Bitcoin. Fees are higher - 0.5% to 1.0%. But if you’re just trying to buy your first Bitcoin without a passport, P2P is the only option.
What Doesn’t Work
Some exchanges are completely off-limits:
- Coinbase: Blocks all Chinese IPs. Rejects Chinese IDs. No exceptions.
- Bitstamp: No Mandarin support. Blocks Chinese addresses.
- Gate.io: Despite being popular in Asia, it now restricts Mainland users after 2023 regulatory pressure.
- U.S.-based exchanges: Most won’t touch Chinese users. Even if you have a passport, your address or phone number will trigger a flag.
If you try to sign up with a Chinese phone number or address, you’ll be rejected - even if you use a VPN. These platforms have gotten smarter. They don’t just look at your IP. They look at your entire profile.
The Real Challenges
Getting in is just the first step. Here’s what most Chinese users struggle with:
- Fiat deposits: You can’t use Alipay or WeChat Pay. Most rely on P2P or crypto transfers.
- Verification delays: Huobi’s July 2025 report says Chinese users wait an average of 72 hours for KYC approval. During crackdowns, it can take weeks.
- Account freezes: If the Chinese government makes a public statement about crypto, exchanges often freeze accounts from China as a precaution. You could lose access for days.
- Withdrawal limits: 68% of negative reviews mention withdrawal caps. Some platforms limit you to $5,000 per day.
High-volume traders often solve this by opening accounts on multiple exchanges - one for trading, one for storage, one for P2P. They use stablecoins like USDT to move funds between platforms without triggering bank alerts.
What’s Changing in 2025
Hong Kong is becoming the gateway. The SFC has licensed 11 platforms as of June 2025. Bybit, Crypto.com HK, and WhaleFin are all in the system. More are applying. Bernstein’s June 2025 report predicts that by 2027, Hong Kong will handle 65-75% of Chinese crypto demand.
Meanwhile, China is doubling down on its digital yuan. The People’s Bank of China says it has zero tolerance for crypto. No signs of change. But that doesn’t mean Chinese users are backing off. They’re just moving to the edges - to Hong Kong, to offshore platforms, to decentralized exchanges.
Decentralized exchanges (DEXs) like Uniswap and PancakeSwap are growing fast. In 2024, usage among Chinese users jumped 210% according to Dune Analytics. You don’t need ID. You don’t need a passport. You just need a wallet and a VPN. It’s harder to use, but it’s safer from account freezes.
How to Get Started
If you’re a Chinese citizen trying to access crypto in 2025, here’s what actually works:
- Get a reliable VPN (NordVPN or ExpressVPN recommended).
- Obtain a non-Chinese ID - Hong Kong ID or international passport.
- Open a bank account in Hong Kong (HSBC or Standard Chartered are most crypto-friendly).
- Sign up for Bybit, Huobi, or OSL - they’re the most user-friendly for Chinese speakers.
- Use USDT to move money between exchanges. Avoid direct CNY deposits.
- Never use your real Chinese address or phone number during registration.
It takes 3 to 5 weeks to get everything set up, according to a CoinGecko survey. But once you do, you’re in. The system isn’t perfect. It’s risky. But it works.
Is It Safe?
Not really. Legally, you’re breaking Chinese law. If the government decides to go after individuals - not just exchanges - you could face fines or worse. There are no protections. No insurance. No recourse if your account is frozen.
But the market says otherwise. Chainalysis estimates $18.4 billion in annual crypto volume from Chinese users. That’s 8.7% of global activity. People aren’t just dabbling. They’re investing, trading, building wealth. The ban hasn’t stopped them. It’s just pushed them underground.
The real question isn’t whether you can access crypto. It’s whether you’re ready to play the game - with all its risks, workarounds, and uncertainties.
Can I use Binance if I live in China?
You can’t access Binance directly from Mainland China because it blocks Chinese IP addresses. But many users bypass this using a VPN. You’ll also need a non-Chinese ID like a Hong Kong passport or international passport to complete KYC. Even then, Binance may freeze your account if it detects frequent logins from China. Trading is possible, but deposits in Chinese yuan (CNY) are blocked - you’ll need to use crypto transfers or P2P.
Why can’t I use Alipay or WeChat Pay for crypto?
The Chinese government banned all cryptocurrency transactions in 2021, including payments through Alipay and WeChat Pay. These platforms are required to block any crypto-related activity. If you try to send money for crypto, your transaction will be rejected, and your account could be flagged. Most Chinese users now rely on peer-to-peer (P2P) trades or international bank transfers to move funds.
Is it legal to use a VPN for crypto in China?
Using a VPN itself isn’t explicitly illegal in China, but it’s in a legal gray area. The government blocks most foreign VPN services, and using one to access banned services like crypto exchanges violates regulations. While individuals are rarely prosecuted, the risk exists. Authorities can fine you or demand you stop. Many users accept this risk because crypto access is seen as a personal financial choice.
Which exchange has the lowest fees for Chinese users?
Bybit and Binance both charge 0.1% for maker and taker fees, the lowest among major platforms. Huobi also charges 0.2%, which is still competitive. Crypto.com charges 0.4%, and P2P platforms charge 0.5-1.0%. If you’re trading frequently, Bybit or Binance will save you the most money - assuming you can get verified and access the platform.
Can I use my Chinese ID to verify on a crypto exchange?
Almost no major exchange accepts Chinese national ID cards for verification. They’ve seen too many fraudulent attempts. Exchanges require a Hong Kong ID, international passport, or residency permit from another country. Even if you have a Chinese passport, you’ll still need a non-Chinese address and phone number to pass KYC. Your Chinese ID alone won’t work.
What’s the safest exchange for Chinese citizens?
OSL Exchange is the safest option because it’s fully licensed by Hong Kong’s Securities and Futures Commission (SFC). It follows strict anti-money laundering rules, has strong security, and offers regulated withdrawals. While it lists fewer cryptocurrencies than Binance or Bybit, it’s the only platform where Chinese users with Hong Kong residency can trade with legal backing. For those who prioritize safety over variety, OSL is the top choice.
Do I need a Hong Kong visa to use crypto exchanges?
You don’t legally need a Hong Kong visa to use exchanges, but practically, yes. Most exchanges that accept Chinese users require a Hong Kong ID, passport, or residency permit to pass KYC. Without one, you’ll be rejected or face long delays. Many users travel to Hong Kong to get a visa specifically for crypto access. It’s not a legal requirement - but it’s the only reliable way to get verified.
Mehak Sharma
November 3, 2025 AT 05:23The resilience of human ingenuity never ceases to amaze me. When governments try to suppress financial freedom, people don’t surrender-they adapt. The fact that millions in China are navigating complex digital landscapes with VPNs, offshore IDs, and P2P networks isn’t rebellion-it’s evolution. This isn’t about breaking rules; it’s about reclaiming agency over one’s own wealth. The state may control borders, but it cannot control desire. And desire, in this case, is the hunger for autonomy.
What’s truly beautiful is how decentralized finance becomes the silent revolution. No permits. No bureaucracy. Just code, trustless networks, and a shared belief that money shouldn’t be a privilege granted by bureaucrats. The digital yuan might be the future, but it’s a future built on control. What these users are building? That’s a future built on choice.
I’ve watched this unfold from India, where we’re also wrestling with crypto restrictions. The parallels are chilling. The same fear. The same excuses. The same stubborn refusal to acknowledge that money is no longer just paper-it’s data. And data cannot be contained forever.
So yes, the risks are real. Account freezes. Delays. Scams. But the cost of doing nothing is higher. Staying silent. Staying poor. Staying compliant. That’s the real danger.
Let them ban. Let them block. Let them track. We’ll still find a way. Because finance belongs to the people-not the state.
bob marley
November 3, 2025 AT 19:40Oh wow, a 5000-word essay on how to cheat the Chinese government like it’s a video game. Congrats, you just wrote the manual for financial recklessness. You think people using VPNs and fake IDs are ‘resourceful’? No. They’re idiots playing Russian roulette with their bank accounts and legal futures. And you’re glorifying it like it’s some noble act of defiance.
Let me guess-next you’ll be writing a guide on how to smuggle Bitcoin out of North Korea. At least they have a good excuse for being isolated. China? They’ve got the world’s second-largest economy and you’re telling people to risk jail for a crypto gamble?
And don’t even get me started on ‘Hong Kong visas for crypto access.’ That’s not entrepreneurship. That’s immigration fraud dressed up as financial literacy. You’re not helping. You’re enabling.
Jeremy Jaramillo
November 5, 2025 AT 05:02It’s important to recognize that behind every VPN connection and every offshore ID is a person trying to protect their savings from inflation, corruption, or just plain economic uncertainty. This isn’t about breaking laws-it’s about surviving systems that don’t serve them. The Chinese government’s stance on crypto is rooted in control, not protection. And while I don’t endorse violating regulations, I understand why people do.
What’s more concerning is how easily exchanges like Coinbase and Kraken comply with censorship. They’re not neutral platforms-they’re extensions of geopolitical power. If we want crypto to mean decentralization, we need to ask why these companies are so eager to gatekeep access based on nationality.
There’s a quiet dignity in how Chinese users are building their own systems. They’re not asking for permission. They’re building tools, sharing knowledge, and helping each other navigate this mess. That’s the real story here-not the technical loopholes, but the human network that keeps it alive.
Sammy Krigs
November 6, 2025 AT 04:05wait so you can use a vpn to get on binance but they freeze your account if you log in from china? so like… whats the point? you get in then get locked out? that seems like a huge waste of time. also why do people even bother with hk ids? cant you just use a fake one? i mean its not like they check your face or anything right? i think most of this is just hype. everyone acts like its this crazy secret system but its really just people using trash vpns and hoping for the best. also why is everyone so obsessed with bybit? its just another exchange with more coins. i dont get it.
naveen kumar
November 6, 2025 AT 10:19Let’s be honest: this entire article is a Western propaganda piece disguised as ‘helpful advice.’ The Chinese government didn’t ban crypto because it’s ‘authoritarian’-it banned it because it saw the threat to monetary sovereignty. You think people are ‘resisting’? No. They’re being manipulated by global crypto firms desperate for new markets. The 18.4 billion in volume? That’s not wealth creation-it’s capital flight. And it’s destabilizing.
And don’t act like Hong Kong is some libertarian paradise. It’s a colony of China with a thin veneer of autonomy. The SFC licenses? They’re not about freedom-they’re about containment. China lets a few exchanges operate there so it can monitor, tax, and eventually absorb the flow.
Also, 210% growth in DEX usage? That’s because centralized exchanges are getting smarter. People are fleeing to DeFi not because they trust it-but because they have no other choice. And that’s a tragedy, not a triumph.