In mainland China, any recommendation and use of cryptocurrency exchanges is illegal. The notice issued by ten ministries including the People's Bank of China in September 2021, titled "Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading and Speculation," has made it clear:
⚠️ Activities related to virtual currency are considered illegal financial activities, and it is also prohibited for overseas exchanges to provide services to residents within the country. Participation in investment trading is not protected by law, and individuals must bear the risks themselves.
If you are overseas (such as in the United States, Singapore, Japan, and other regions where cryptocurrency trading is legal), the following platforms are internationally recognized for their compliance and security (for reference only):
OKX APP is one of the top three exchanges globally, with a 20% reduction in trading fees for registration!
OKX (overseas) registration link: https://www.okx.com/join/97763692
OKX/Binance/Huobi - Register/Download: http://18907.cc
Binance domestic registration: https://www.binance.com/zh-CN/join?ref=565010509
Coinbase (NASDAQ listed: COIN)
Compliance ✅ Licensed by the U.S. SEC, regulated by the New York Department of Financial Services (NYDFS)
Security measures: 98% of assets in cold storage, crime insurance coverage, mandatory 2FA, transparent reserve audits
Applicable regions: U.S., Europe, Singapore, etc. (not supporting mainland Chinese users)
Kraken (U.S.)
Compliance ✅ Holds U.S. MSB license and EU VASP registration
Security record: 12 years of operation without major security incidents, 100% reserve proof
Restrictions: Users with Chinese IP/identity verification cannot access
Gemini (U.S.)
Compliance ✅ New York trust license (NYDFS), regulated by the U.S. SEC
Insurance mechanism: 200% excess insurance on hot wallet assets (underwritten by Aon)
Bitstamp (EU)
Compliance ✅ The first European exchange to obtain a New York BitLicense, compliant with EU MiCA regulations
Reserves: Monthly audits by PwC, real-time public on-chain addresses
SBI VC Trade (Japan)
Compliance ✅ Full license from the Financial Services Agency (FSA) of Japan
Background: Under Japan's SBI Group, strictly regulated by the "Funds Settlement Act"
Significant risks for mainland Chinese users must be clearly stated:
Legal consequences:
Using a VPN to access exchanges violates the "Cybersecurity Law"
Trading activities may be suspected of illegal operations or money laundering, potentially facing account freezes, fines, or even criminal liability
Financial risks:
Exchanges may run away (e.g., FTX's collapse resulted in a $16 billion loss for users)
Platforms may suddenly block mainland Chinese IPs (e.g., Binance expelled mainland users in 2021)
The judicial freezing rate of bank cards in OTC fiat transactions exceeds 60%+ (data source: on-chain compliance agencies)
Legal alternative suggestions:
✅ Official digital currency of China: Digital Renminbi (e-CNY)
Issued by the People's Bank of China, it has legal tender status
Pilot programs cover over 40 cities (Shenzhen, Suzhou, etc.), supporting consumption scenarios such as JD.com and Meituan
Can be activated for use through major bank apps