Chinese Crypto Access: How China Controls and Circumvents Crypto Restrictions

When China banned crypto exchanges and mining in 2021, it didn’t kill crypto—it forced it underground. Chinese crypto access, the ways individuals and small groups trade and hold digital assets despite strict government controls. Also known as underground crypto markets in China, it’s not about legality—it’s about survival. The government shut down platforms like Binance and OKX, blocked foreign exchanges, and cracked down on mining farms. But people kept trading. Not through apps or websites. Through WeChat groups, Telegram channels, and cash trades in parking lots.

At the heart of this underground system is P2P crypto, peer-to-peer trading where buyers and sellers connect directly without intermediaries. Also known as over-the-counter crypto in China, it’s the backbone of how ordinary people buy Bitcoin and USDT. Traders use local bank transfers, Alipay, or WeChat Pay to send money, then receive crypto in a non-custodial wallet. No KYC. No reporting. Just a QR code and a message: "Sent 10,000 RMB, please send 1 BTC." And it works—because there’s no central point to shut down.

Then there’s stablecoin China, the use of USDT and other pegged tokens to move value across borders and avoid capital controls. Also known as digital yuan bypass, it’s how people protect savings from inflation and move money out of the country without triggering bank alerts. USDT trades at a slight premium in China because it’s scarce and useful. People buy it to hold value, send it to relatives overseas, or use it to pay for services on foreign platforms. The government hates it—but can’t stop it, because stablecoins don’t need banks to move.

VPN use is another silent enabler. Thousands of users run them daily to access foreign exchanges, check prices on CoinMarketCap, or read analysis on sites like ours. It’s not illegal to own a VPN in China—but using it to bypass crypto restrictions is a gray zone. Authorities don’t target individuals unless they’re big players. Most are just regular people trying to protect their money.

What you’ll find in this collection aren’t theory pieces or policy papers. These are real stories: how a factory worker in Guangzhou uses P2P to buy Bitcoin, how a student in Chengdu trades USDT for groceries, how a former miner turned crypto courier. You’ll see scams like fake exchanges that prey on newcomers, and tools that help people stay safe. You’ll learn why China’s ban didn’t work—and why it never will.