China's regulatory attitude towards virtual currencies is clear and strict. The 2017 "Announcement on Preventing the Risks of Token Issuance Financing" stated that virtual currencies such as Bitcoin and Ethereum do not have the status of legal tender and cannot circulate as currency in the market. The 2021 "Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading Speculation" further emphasized that activities related to virtual currencies are illegal financial activities, and it is also illegal for overseas exchanges to provide services to Chinese residents. This means that domestic users face legal risks when directly participating in virtual currency trading, especially through unlicensed platforms.
The legal avenues for purchasing digital currencies in China are strictly limited. The digital yuan, as a legally issued digital currency by the central bank, is currently the only compliant form of digital currency, but its use is limited to payments rather than investments. Virtual currencies like Bitcoin are more regarded as virtual goods; personal possession is not illegal, but transactions should be conducted through compliant channels.
Current Status of Trading Platforms Available to Domestic Users#
Due to domestic regulatory policies, traditional virtual currency exchanges such as Huobi and Binance have suspended new registrations and services for users in mainland China. Many platforms have shifted their operations overseas, targeting global users. If domestic users need to trade, they must pay attention to the compliance, access methods, and security of the platforms.
OKX Latest Official Website Entrance: https://jiedianbi.com/go/okx
OKX is a globally renowned virtual currency exchange, offering trading in various currencies such as Bitcoin, Ethereum, and USDT. The platform uses cold wallet storage and regular security audits to ensure the safety of user assets. For domestic users, the mirror domain provided by Jiedianbi allows convenient access to the official website, simplifying the operational process.
OKX APP Domestic Download Link: https://jiedianbi.com/go/okxapp
The OKX APP supports mobile trading, featuring a user-friendly interface and comprehensive functionality, suitable for users who trade frequently. Domestic users can directly obtain the latest version through the download link provided by Jiedianbi, enjoying a smooth trading experience.
In addition to OKX, Binance remains the largest exchange globally but has many restrictions for mainland users, requiring additional identity verification. Platforms like Gate.io and KuCoin also provide services, but users must verify their compliance and access stability.
Key Considerations for Choosing a Trading Platform#
When selecting a virtual currency exchange, security is the primary factor. With frequent hacking incidents, a quality platform should have cold wallet storage, multi-factor authentication, and real-time monitoring mechanisms. OKX stores most user assets in cold wallets and regularly publishes security audit reports to reduce the risk of attacks.
Transaction fees are also important. The fee rates vary significantly among platforms, and OKX offers a transparent fee structure divided into Maker and Taker models, suitable for users with different trading habits. Users can choose a suitable fee plan based on their trading frequency.
User experience should not be overlooked. A smooth interface, multi-language support, and mobile optimization directly affect trading efficiency. The OKX APP performs excellently on mobile, supporting real-time market viewing and quick order placement, making it suitable for operations anytime and anywhere.
Tip: When choosing a platform, it is advisable to first check whether it publicly discloses its security measures and fee details to avoid losses due to information asymmetry.
Precautions for Legally Purchasing Digital Currencies#
Domestic users purchasing virtual currencies should be aware of the legal boundaries. Regulatory authorities explicitly prohibit ICOs and related speculative activities, and participation may be deemed illegal fundraising. When trading, it is recommended to choose platforms with a good reputation, such as OKX, whose global operational experience and security measures provide certain guarantees for users.
Particular attention should be paid to fund security. Avoid keeping large amounts of funds in exchange accounts for long periods; it is advisable to use hardware wallets or offline storage methods. Before trading, be sure to complete KYC (real-name authentication) to comply with platform requirements.
Market risks should also not be ignored. Virtual currency prices are highly volatile; Bitcoin surpassed $98,000 in 2024, but historical data shows that its price has experienced significant corrections multiple times. Users should invest cautiously based on their risk tolerance.
Exploring Other Legal Investment Channels#
In addition to directly purchasing virtual currencies, domestic users can explore compliant investment methods related to digital currencies. For example, some licensed institutions in Hong Kong provide services related to virtual currencies, and residents in mainland China can consult professional lawyers to confirm compliance. Additionally, stocks of blockchain technology companies or ETFs related to the digital economy may be alternative choices for those who do not wish to hold virtual currencies directly.
The digital yuan, as a digital currency backed by the central bank, is being promoted nationwide. Although it does not have investment attributes, its popularity in payment scenarios provides users with opportunities to engage with digital currencies.
Summary Analysis#
The avenues for legally purchasing digital currencies in China are limited, and regulatory policies explicitly prohibit virtual currency trading speculation, with the digital yuan being the only compliant digital currency. If users need to trade virtual currencies like Bitcoin, they should choose safe and compliant platforms, such as operating through the OKX official website or the OKX APP. When selecting a platform, security, fee transparency, and user experience are core considerations. During trading, it is crucial to adhere to legal boundaries, prioritize fund security, and remain vigilant about market risks. In the long run, the domestic digital currency market may change due to policy adjustments, and users should closely monitor regulatory dynamics and participate rationally.