Why Chinese Crypto Exchanges Still Matter in 2023
Despite China’s 2021 cryptocurrency trading ban, Chinese crypto exchanges continue to play a significant role in global markets. Many platforms originally founded in China now operate offshore, serving millions of users worldwide with localized interfaces, competitive fees, and access to Asian liquidity pools. This guide explores the top exchanges with Chinese roots and explains how traders navigate regulatory challenges.
Top 5 Chinese Crypto Exchanges to Consider
1. Binance
Overview: Founded in China before relocating to Malta, Binance remains the world’s largest crypto exchange by trading volume.
Key Features:
- 600+ cryptocurrencies
- Spot, futures, and margin trading
- Chinese language interface
- 0.1% spot trading fee
Pros: High liquidity, robust security, P2P trading
Cons: Complex interface for beginners
2. OKEx (Now OKX)
Overview: Malta-based platform with strong Chinese user base.
Key Features:
- 300+ coins
- Yield-generating products
- API for algorithmic trading
Pros: Advanced trading tools, insurance fund
Cons: Limited fiat options
3. Huobi Global
Overview: Singapore-based exchange founded in China (2013).
Key Features:
- 400+ cryptocurrencies
- Huobi Token (HT) discounts
- OTC trading desk
Pros: Strong security history, 24/7 support
Cons: Higher withdrawal fees
4. Gate.io
Overview: Cayman Islands-based platform popular with Chinese traders.
Key Features:
- 1,400+ altcoins
- Startup IEO platform
- HUSD stablecoin support
Pros: Rare altcoin listings, low minimum trades
Cons: Basic charting tools
5. Bybit
Overview: Derivatives-focused exchange with Chinese operational roots.
Key Features:
- Up to 100x leverage
- Inverse perpetual contracts
- Insurance fund
Pros: Intuitive mobile app, copy trading
Cons: No spot trading
Essential Features of Reliable Chinese Exchanges
- Mandarin Support: Chinese-language interface and customer service
- P2P Trading: Facilitates CNY transactions via third-party sellers
- Cold Storage: ≥95% of funds offline
- Liquidity: Minimum $500M daily volume
- Regulatory Compliance: Licenses from Malta, Seychelles, or similar jurisdictions
FAQ: Chinese Crypto Exchanges Explained
Q: Is crypto trading legal in China?
A: While domestic exchanges are banned, citizens can legally hold crypto and trade via offshore platforms.
Q: How do Chinese users access these exchanges?
A: Most use VPNs to bypass geo-restrictions and trade via web/mobile apps.
Q: What security measures should I check?
A> Look for 2FA, withdrawal whitelists, and proof-of-reserves audits.
Q: Can I deposit CNY directly?
A: Exchanges use P2P markets or third-party payment processors for fiat transactions.
Q: Are profits taxable?
A> China doesn’t tax crypto gains, but your home country might. Consult a tax professional.
