China's regulatory policy on virtual currencies is strict, clearly stating that virtual currencies do not have the status of legal tender and cannot be used as payment tools circulating in the market. The 2017 "Announcement on Preventing the Risks of Token Issuance Financing" and the 2021 "Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading Speculation" indicate that activities related to virtual currencies are considered illegal financial activities, and domestic exchanges are prohibited from providing related services. Overseas exchanges providing services to Chinese residents via the internet are also banned, and regulatory authorities continue to strengthen monitoring and crackdown on virtual currency trading.
OKX Latest Official Website Entrance: https://jiedianbi.com/go/okx
OKX APP Domestic Download Link: https://jiedianbi.com/go/okxapp
Currently, there are no legal virtual currency exchanges in China. Platforms that once operated, such as Huobi, Binance, and OKX, have expelled users from mainland China, closed RMB trading functions, or moved their operations overseas. Investors should be cautious of any domestic virtual currency trading platforms claiming to be "legal and compliant," as they may pose risks of fraud or illegal fundraising.
Legal Holding and Trading Restrictions of Virtual Currencies#
Although virtual currency trading platforms are banned in China, it is not illegal for individuals to hold virtual currencies. The Shanghai High People's Court has clearly stated that virtual currencies, as virtual goods, have property value and are not prohibited by law. However, individuals are not allowed to engage in token issuance financing or conduct virtual currency trading through exchanges. Over-the-counter (OTC) trading exists in a certain gray area, but due to risks involving money laundering and fraud, regulatory authorities maintain a high-pressure stance on it.
If investors hold virtual currencies, they should manage their assets through legal means and avoid participating in any unauthorized trading activities. Choosing reliable overseas compliant platforms has become an alternative for some investors, but they must bear the risks of policies and security.
How to Safely Purchase Virtual Currencies in China#
Due to the ban on the operation of virtual currency exchanges in China, investors cannot directly purchase virtual currencies with RMB on domestic platforms. The following are suggested paths for safely participating in virtual currency investments:
1. Choose Compliant Overseas Platforms#
Investors can choose to trade on overseas platforms regulated internationally, such as OKX, Binance, or Coinbase, which have obtained legal licenses in some countries. OKX provides convenient trading services, and its latest official website entrance is: https://jiedianbi.com/go/okx. Before visiting, confirm whether the platform restricts users from mainland China and carefully read the user agreement.
2. Registration and Identity Verification#
After selecting a platform, you need to complete account registration and identity verification (KYC). Typically, you need to submit identification documents, proof of address, and other information to ensure account security. The registration process for OKX is simple and suitable for beginners.
3. Fund Recharge#
Due to restrictions on domestic bank accounts, investors can recharge through stablecoins (such as USDT) or overseas bank cards. Some platforms support P2P trading, allowing users to purchase USDT through Alipay, WeChat, or bank transfers, and then transfer it to their trading accounts.
4. Purchase Virtual Currencies#
After recharging, you can choose mainstream currencies such as Bitcoin (BTC) and Ethereum (ETH) for trading on the platform. It is recommended that beginners start with low-risk investments, set stop-loss points, and avoid blindly chasing prices.
5. Secure Storage#
After purchasing virtual currencies, it is advisable to transfer assets to a personal wallet (such as a hardware wallet or decentralized wallet) to avoid long-term storage in exchange accounts, reducing the risk of theft.
To facilitate domestic users, OKX provides a mobile application, and the download link is: https://jiedianbi.com/go/okxapp. After installation, you can manage your account and trades at any time.
Precautions for Domestic Investors#
- Compliance Review: When choosing a platform, prioritize exchanges recognized by regulatory authorities (such as the U.S. SEC or EU MiCA). Check whether the platform has publicly transparent operational information and avoid using small or unknown platforms.
- Fund Security: Enable two-factor authentication (2FA) and regularly check account activity records. Avoid keeping large amounts of funds on a single platform for extended periods.
- Policy Risks: China's regulatory policies may tighten further, and investors should closely monitor the latest notices issued by the National Financial Regulatory Administration and other departments.
- Beware of Fraud: Any platform promising "high returns" or "domestically legal" is likely a scam. Do not trust promotions from social media or unofficial channels.
Advantages and Usage Recommendations of OKX#
OKX is one of the world's leading virtual currency trading platforms, offering various services such as spot trading, leveraged trading, and contract trading. Its interface is user-friendly and supports multiple languages, suitable for investors of different experience levels. The platform provides abundant educational resources to help beginners get started quickly.
Usage Recommendations:
- Small Amounts for Trial: For first-time users, it is advisable to recharge a small amount and increase investment after familiarizing yourself with the trading process.
- Market Research: Utilize the K-line charts and market analysis tools provided by the platform to develop investment strategies based on market dynamics.
- Customer Support: OKX offers 24-hour customer service. If you encounter problems, you can contact them through the official website or APP.
Summary Analysis#
Domestic virtual currency trading is subject to strict regulation, and there are no legal exchanges. Investors need to turn to compliant overseas platforms to participate in the market. OKX, with its global operations and convenient services, has become a choice for many domestic investors, but attention must be paid to policy compliance and fund security. Investing in virtual currencies is inherently a high-risk activity, requiring a clear strategy and rational judgment. The uncertainty of the regulatory environment demands that investors remain vigilant, prioritize transparent and regulated platforms, and ensure asset security through personal wallets. Only with a thorough understanding of the market and policies can investors navigate the virtual currency field steadily.