Crypto Exchanges Chinese Citizens Can Use in 2026

18 Feb 2026 | Investments | by James Stanitz

China banned cryptocurrency trading in 2021. No domestic exchanges are allowed. No banks can process crypto payments. No Alipay or WeChat Pay for Bitcoin. Yet millions of Chinese citizens still trade crypto - quietly, carefully, and mostly through offshore platforms. If you're one of them, you're not alone. You're part of an underground market worth over $18 billion a year, according to Chainalysis. The question isn't whether you can access crypto - it's which exchanges actually work for you, and how.

Why Most Exchanges Block Chinese Users

Major exchanges like Coinbase and Kraken don’t just discourage Chinese users - they actively block them. Why? Compliance. The Chinese government doesn’t just regulate crypto; it criminalizes it. Any exchange that allows Chinese citizens to trade without strict geo-blocking risks being shut down in other countries. So, exchanges like Coinbase and Kraken use IP blocking, device fingerprinting, and even behavioral analysis to detect and lock out users from Mainland China.

But blocking IP addresses isn’t foolproof. Many users bypass this with VPNs. A July 2024 survey by CoinGecko found 42% of Chinese crypto users rely on VPNs to access exchanges. NordVPN and ExpressVPN are the most commonly used. Still, even with a VPN, you’ll hit another wall: KYC.

KYC: The Real Barrier

You can connect to a U.S.-based exchange through a VPN. But when you try to verify your identity, you’ll be asked for government-issued ID. Submit a Chinese national ID card? It gets rejected. Every time. Exchanges know these IDs are tied to Mainland China. They don’t want the legal risk.

So what works? Only two types of identification get through:

• A Hong Kong ID card
• An international passport (not Chinese)

That’s why so many Chinese users now hold Hong Kong residency. It’s not just about travel - it’s about access. Exchanges like Kraken, Crypto.com, and OSL Exchange explicitly state they accept non-Chinese IDs. If you have a Hong Kong passport or residence permit, you’re in. If you don’t? You’re stuck.

Exchanges That Actually Work for Chinese Citizens

Here are the exchanges Chinese citizens report successfully using in 2025 - based on user data, compliance reports, and trading volume.

Binance

Binance started in China. It moved its headquarters to Malta in 2017, then to the Cayman Islands. But even though it’s offshore, Binance blocks Chinese IP addresses. Still, users report consistent access via VPN. The platform supports 356 cryptocurrencies, charges 0.1% trading fees, and has full Mandarin support. Many users say it’s the most reliable for spot trading. But don’t expect to deposit CNY. Fiat deposits are blocked. You’ll need to buy USDT from a P2P seller first.

Huobi

Huobi was founded in Beijing. It relocated to Seychelles after the 2021 ban. Yet it still dominates among Chinese speakers. Why? Because it never fully cut ties. Huobi has Mandarin customer service, localized apps, and supports direct trading pairs like USDT/CNY. In its 2024 annual report, Huobi said 35% of its 10.2 million active users came from Greater China. That’s not coincidence - it’s design. Fees are 0.2%, and they list 430 coins. It’s the most Chinese-friendly exchange left.

Bybit

Bybit applied for a Hong Kong VATP license in June 2025. It’s not licensed yet, but it’s already acting like it is. The platform allows Chinese users with international IDs and doesn’t block VPNs. It supports 650 cryptocurrencies - more than any other major exchange. Trading fees are 0.1%. It has 24/7 Mandarin support and a clean interface. Users on Reddit and WeChat consistently rank Bybit as the easiest to verify with a passport.

Kraken

Kraken doesn’t block Chinese IPs, but it does block Chinese IDs. If you have a Hong Kong passport or residency permit, you can verify. Kraken offers 245 cryptocurrencies, with fees between 0.16% and 0.26% depending on volume. It’s one of the few exchanges that allows wire transfers from international banks like HSBC Hong Kong. But if you try to use a mainland Chinese bank account? It gets flagged immediately. Kraken’s transparency reports confirm they reject over 90% of Chinese ID submissions.

Crypto.com

Crypto.com allows Chinese citizens with international passports. It supports 250 cryptocurrencies and charges 0.4% standard fees. Its app has Mandarin UI, and it’s one of the few that offers a crypto debit card usable outside China. But here’s the catch: 41% of its Chinese user reviews on Trustpilot mention KYC rejections. If your passport doesn’t have a Hong Kong stamp or residency proof, expect delays or denials.

OSL Exchange

OSL is the first fully licensed digital asset platform in Hong Kong. It’s regulated by the SFC. It accepts international clients - including Chinese citizens with non-mainland IDs. It lists 50 cryptocurrencies, charges 0.2% fees, and has a clean, institutional-grade interface. Users who’ve gone through the full verification process say it’s the most secure option. But it’s slow. Verification takes 7-14 days. And it doesn’t support P2P. You’ll need to transfer crypto from another exchange first.

P2P Platforms: The Wild West

If you can’t get verified on a major exchange, you’re pushed into P2P. Platforms like BingX, SimpleSwap, and LocalBitcoins let you trade directly with other users. You pay in CNY. They send you Bitcoin. It’s fast. It’s easy. And it’s dangerous.

A May 2025 Reddit post from a user in Beijing described losing $15,000 on LocalBitcoins after a seller vanished mid-transaction. No recourse. No chargeback. No legal protection. P2P platforms have no KYC. No insurance. No regulation. Fees range from 0.5% to 1.0% - higher than exchanges. But for users who can’t get through traditional channels, it’s the only option.

How to Actually Get Started

Here’s what works in 2025 - based on real user experiences:

1. Get a reliable VPN. NordVPN or ExpressVPN. Set it to Hong Kong or Singapore.
2. Secure a non-Chinese ID. A Hong Kong passport or residency permit is ideal. A foreign passport works too.
3. Open an international bank account. HSBC Hong Kong or Standard Chartered are the most crypto-friendly.
4. Choose one exchange. Start with Huobi or Bybit if you’re new. Use Kraken or OSL if you want regulation.
5. Verify with your non-Chinese ID. Don’t submit a mainland ID. Ever.
6. Deposit crypto via P2P. Buy USDT from a trusted seller. Use it to trade.

Most users report it takes 3-5 weeks to get everything set up. Patience matters. Rushing leads to blocked accounts.

The Risks Are Real

Trading crypto in China isn’t illegal for individuals - but it’s not legal either. The government doesn’t prosecute every user. But they do freeze accounts, block wallets, and sometimes arrest high-volume traders. There’s no safety net. No FDIC insurance. No legal recourse if an exchange shuts down.

Exchanges can freeze your funds overnight. Kraken did it in February 2025 after a PBOC announcement. Huobi froze withdrawals for 11 days in March 2025. You have zero control. And if you’re using a VPN, you’re already in a gray zone.

And then there’s Hong Kong. It’s your lifeline - but it’s not immune. Professor Douglas Arner from the University of Hong Kong warned in March 2025 that Beijing could tighten cross-border controls anytime. One policy shift, and OSL, Crypto.com, and Bybit could be cut off overnight.

What’s Next?

By 2027, Bernstein predicts Hong Kong will handle 65-75% of Chinese crypto demand. That means more licensed platforms. More regulation. More legitimacy. But also more surveillance. The Chinese government is watching. Every transaction. Every IP. Every ID.

Decentralized exchanges (DEXs) like Uniswap and PancakeSwap are growing fast. Among Chinese users, DEX usage jumped 210% in 2024. No KYC. No blocks. But no customer support. No refunds. Just code.

The future isn’t about finding the best exchange. It’s about staying adaptable. Have multiple accounts. Use stablecoins. Keep crypto off exchanges when you can. And never trust the system - because it doesn’t trust you.