Top Crypto Exchanges Chinese Citizens Can Use in 2025

Key Takeaways

• Mainland China bans domestic crypto trading, but offshore exchanges remain reachable.
• VPNs, non‑Chinese IDs, and Hong Kong‑licensed platforms are the most reliable work‑arounds.
• Binance, Huobi, Bybit, Kraken, Crypto.com and OSL Exchange lead the accessible market.
• Each exchange carries different fee structures, KYC requirements, and risk levels.
• Future access hinges on Hong Kong’s licensing regime and any shifts in PBOC policy.

Chinese citizens face a maze of regulations, firewalls, and exchange policies when they want to trade crypto. The People's Bank of China (PBOC) has kept a hard line since 2017, shutting down every domestic platform and labeling all crypto transactions illegal. Yet the demand for digital assets never disappeared - users still find ways to trade, mainly through offshore services that accept VPN connections or Hong Kong‑based licences. This guide lists the most reachable exchanges in 2025, explains how they work, and warns about the pitfalls you’ll hit along the way.

Crypto exchange is an online platform that lets users buy, sell, and trade cryptocurrencies against fiat or other digital assets. While every major exchange serves a global audience, only a handful remain practical for users inside Mainland China because of geo‑fencing, KYC bans, and payment‑gateway blocks.

Why the Chinese Market Is Different

The ban that started in 2017 expanded in May 2021 when the PBOC and nine other agencies jointly prohibited all crypto transactions and mining. The crackdown means:

• Domestic exchanges cannot operate or accept Chinese bank transfers.
• Most offshore platforms (Binance, Coinbase, Kraken, etc.) block IP addresses that resolve to China.
• Payments through Alipay, WeChat Pay, or UnionPay are disallowed for crypto purchases.

Because of these constraints, Chinese traders rely on three core tricks:

1. Using a reputable VPN to hide the Chinese IP address.
2. Submitting an identifier that is not a Mainland ID - usually a Hong Kong ID, a foreign passport, or a residency permit.
3. Moving money via international wire, stablecoin swaps, or peer‑to‑peer (P2P) channels.

According to a July 2024 CoinGecko survey, 42 % of Chinese crypto users reported using a VPN daily, and the average onboarding time stretches to three‑to‑five weeks.

Most Accessible Exchanges in 2025

Below are the platforms that consistently let Chinese citizens log in, verify, and trade, provided they follow the work‑arounds mentioned above.

• Binance is the world’s largest crypto exchange by volume, offering 356 assets and a 0.1 % maker/taker fee structure. It blocks Chinese IPs but can be accessed via VPN. Verification accepts passports or Hong Kong IDs, but fiat deposits from Chinese banks are disabled.
• Huobi is a Seychelles‑registered platform originally founded in Beijing, listing 430 cryptocurrencies with a standard 0.2 % fee. It provides a Mandarin interface and accepts international bank accounts; KYC prefers non‑Mainland IDs.
• Bybit is a fast‑growing derivatives exchange that launched a Hong Kong licence in June 2025, hosting 650 assets and charging 0.1 % fees. Bybit openly supports VPN users and offers 24/7 Mandarin support.
• Kraken is a US‑based exchange known for strong security, listing 245 assets with fees ranging 0.16‑0.26 %. It permits Chinese users if they provide a non‑Chinese passport or Hong Kong residence permit.
• Crypto.com is an Asia‑focused platform with 250 tokens and a flat 0.4 % fee for most traders. It allows Chinese accounts after international ID verification.
• OSL Exchange is the first fully licensed Virtual Asset Trading Platform (VATP) in Hong Kong, offering 50 tokens with a 0.2 % fee. OSL accepts clients from Mainland China who hold a Hong Kong passport or a corporate account.
• BingX is a P2P‑focused platform that provides a Mandarin UI and direct CNY pairs, though fees run 0.5‑1.0 %. It’s higher‑risk because it’s not fully regulated.
• SimpleSwap is a swap‑service that converts crypto to CNY instantly, charging about 0.8 % per transaction. Ideal for quick fiat exits but lacks user‑level insurance.

Feature Comparison

Step‑by‑Step: Getting Started on a Mainland‑Friendly Exchange

1. Pick a reliable VPN provider (NordVPN, ExpressVPN are most cited in Chinese forums). Connect to a server outside China - Singapore, Hong Kong, or the US work best.
2. Register on your chosen exchange using a non‑Chinese ID. A Hong Kong passport or a foreign driver’s license gets accepted by almost every platform.
3. Complete KYC verification. Upload the passport, a proof‑of‑address (utility bill), and a selfie. Expect 48‑72 hours for approval; during regulatory spikes, times can stretch to a week.
4. Link an international bank account (HSBC Hong Kong, Standard Chartered). If you lack one, use a stablecoin (USDT, USDC) to fund the exchange via a crypto‑to‑crypto deposit.
5. Start trading. Keep a small test trade first to confirm withdrawal limits, then scale up gradually.

Pro tip: Maintain accounts on two different exchanges - one regulated in Hong Kong (e.g., OSL) for larger withdrawals, and a high‑liquidity platform like Binance for day‑trading.

Risks to Keep in Mind

Even with a VPN and proper ID, you’re still walking a legal tightrope. Here are the main dangers:

• Account freezes: During Chinese regulatory announcements, exchanges often freeze accounts with Chinese IPs for up to 30 days.
• Verification rejections: 74 % of users report that mainland IDs are outright denied. Always have a backup passport or Hong Kong ID.
• Withdrawal caps: Many platforms cap daily fiat withdrawals to $10,000 unless you provide extensive corporate paperwork.
• P2P fraud: Scams on LocalBitcoins or unregulated P2P sites caused losses averaging $1,500 per victim in 2024.
• Regulatory spill‑over: If Hong Kong tightens cross‑border controls, licensed exchanges could start rejecting mainland users altogether.

Mitigation strategies include using multi‑signature wallets for storage, keeping transaction logs for tax compliance, and diversifying across at least three platforms.

Future Outlook: What’s Coming After 2025?

The Chinese government is unlikely to lift the ban anytime soon. However, the Hong Kong VATP framework is expanding - SFC expects 15‑18 licensed platforms by the end of 2025, up from 11 today. Analysts at Bernstein predict that Hong Kong could handle up to 75 % of Chinese crypto demand by 2027 if Beijing maintains its current stance.

Two trends will shape the next few years:

1. Decentralized exchanges (DEXs) growth: Dune Analytics recorded a 210 % jump in DEX activity among Chinese users in 2024. Using tools like UniSwap or PancakeSwap bypasses KYC entirely, but you lose the safety net of regulated platforms.
2. Cross‑border licensing: Some Hong Kong exchanges are already filing for “Special Administrative Region” licences that specifically allow mainland passport holders. If approved, that could legitimize VPN‑based access and lower verification friction.

Until those shifts solidify, the practical answer remains the same: use a VPN, secure a non‑Chinese ID, and pick one of the exchanges listed above.

Quick Checklist Before You Trade

• ✅ Install a reputable VPN and test connection latency.
• ✅ Have a valid passport or Hong Kong ID ready for KYC.
• ✅ Open an international bank account or have stablecoins on hand.
• ✅ Choose at least two exchanges from the table (one high‑liquidity, one regulated).
• ✅ Enable 2‑FA and store backup codes offline.
• ✅ Keep a spreadsheet of deposit/withdrawal dates for tax reporting.