Summary: China's leading cryptocurrency exchanges are distinguished by their compliance with the stringent regulations set forth by the People's Bank of China and other relevant financial regulatory bodies. These platforms adhere to rigorous regulatory standards and are subject to in-depth assessments by independent financial auditors, ensuring a secure trading environment for Chinese investors to safeguard their assets.

Our comprehensive analysis of major platforms in China has discovered the top 5 digital asset exchanges in the country. These exchanges excel in offering user-friendly interfaces, a diverse range of trading and investment options, competitive fee structures, and strict adherence to the regulatory guidelines imposed by Chinese financial authorities.

  1. Binance - Best Overall Exchange in China
  2. Bybit - Best for Overseas Chinese Investors
  3. OKX - Best DeFi and NFT Trading Platform
  4. Bitstamp - Best for Beginners
  5. Coinbase - Best Regulated Crypto Exchange
Table of Contents

Best Crypto Exchanges in China

In our thorough examination aimed at pinpointing the most reliable digital currency trading platforms for Chinese investors, we've crafted a ranking system focusing on key elements. These factors encompass the platform's ease of use, fee models, security measures, compatibility with Chinese Yuan transactions, and availability of Mandarin-speaking customer service. By meticulously evaluating the foremost platforms in Asia, we have compiled a list of the five foremost cryptocurrency exchanges in China.

1. Binance

Binance holds the top spot as the best overall exchange in China, primarily due to its comprehensive range of services and extensive market coverage. Known for its high liquidity and a vast range of 350 cryptocurrencies, it caters to both seasoned traders and newcomers with its user-friendly interface. It offers advanced options like futures and margin trading, making it a one-stop shop for diverse investment needs. Additionally, Binance's robust security measures, including two-factor authentication and cold storage for funds, provide a secure trading environment. The platform also features its own blockchain, Binance Chain and Binance Smart Chain, providing access to decentralized finance.

  • Minimum Deposit: 700 CNY for first-time deposit.
  • Supported Assets: 350+ Cryptocurrency.
  • Regulation: Registered in China.
  • Fees: Costs include a 0.1% fee for spot markets and 0.02% for maker orders, and 0.06% fee for taker orders on futures markets. Deposit and withdrawal fees vary depending on the method.
Binance - Best Overall Exchange in China.
Binance - Best Overall Exchange in China.

2. Bybit

Bybit is renowned among overseas Chinese investors for its specialized services that cater to their unique needs. Although it isn’t available directly to investors in China, it accepts deposits in CNY and approves Chinese accounts with proof of residence overseas. It stands out for its speed, offering an impressive matching engine that can handle a significant number of transactions without any lag. Bybit also supports a wide range of over 1000 cryptocurrencies and is noted for its excellent customer service, available in Mandarin, making it more accessible to Chinese investors abroad. The platform also provides lending and borrowing services, staking, an NFT marketplace and more.

  • Minimum Deposit: 100 CNY for first-time deposit.
  • Supported Assets: 990+ Cryptocurrency.
  • Regulation: Not registered in China.
  • Fees: Costs include a 0.1% fee for spot trading, 0.01% fee for maker orders, and 0.06% for taker orders on futures markets. Deposits and withdrawals in CNY are completely free of charge.
Bybit - Best for Overseas Chinese Investors.
Bybit - Best for Overseas Chinese Investors.

3. OKX

OKX secures its position as the best platform for DeFi and NFT trading in China, thanks to its innovative approach in integrating decentralized finance (DeFi) services and non-fungible tokens (NFTs) into a traditional exchange framework. It provides a unique ecosystem where users can access a plethora of DeFi products, including lending, staking, and yield farming, all in one place. The platform's NFT marketplace is a hub for thousands of digital art and collectibles, attracting a diverse range of creators and collectors. Its dedication to offering cutting-edge technology, along with its user-friendly interfaces, make it a leader in this rapidly evolving sector.

  • ‍Minimum Deposit: 500 CNY for first-time deposit.
  • Supported Assets: 400+ Cryptocurrency.
  • Regulation: Registered in China.
  • Fees: Costs include a 0.3% fee for spot trading, 0.02% fee for maker orders, and 0.05% for taker orders on futures markets. Deposits and withdrawals in CNY vary depending on the payment method.
OKX - Best DeFi and NFT Trading Platform.
OKX - Best DeFi and NFT Trading Platform.

4. Bitstamp

Bitstamp earns its place as the best exchange for beginners in China, primarily because of its straightforward and easy-to-navigate platform. It simplifies the crypto trading experience for novices with an intuitive interface and a focus on essential trading features, avoiding the complexity often associated with advanced trading platforms. Bitstamp also offers educational resources to help new users understand the basics of cryptocurrency and trading. Its commitment to regulatory compliance and strong security measures, including regular audits and insurance of digital assets, provides a trustworthy environment for those new to the crypto world.

  • ‍Minimum Deposit: 200 CNY for first-time deposit.
  • Supported Assets: 250+ Cryptocurrency.
  • Regulation: Registered in China.
  • Fees: Costs include a 1.5% fee for trading. Deposits and withdrawals in CNY vary between 0.5% - 3% depending on the payment method.
Bitstamp - Best for Beginners.
Bitstamp - Best for Beginners.

5. Coinbase

Coinbase is highly regarded as the best-regulated crypto exchange in China, marking its dominance in this category through its unwavering commitment to adherence to regulatory standards. This exchange is known for its strict compliance with global and local financial regulations, making it a trustworthy choice for users who prioritize legal compliance and security. The platform is designed with a clear focus on providing a safe, secure, and transparent trading environment. Moreover, the exchange offers a comprehensive selection of 200 cryptocurrencies and educational content, aiding users in making informed decisions in the crypto landscape.

  • Minimum Deposit: 600 CNY for first-time deposit.
  • Supported Assets: 100+ Cryptocurrency.
  • Regulation: Regulated in China.
  • Fees: Costs include a 2% fee for spot trading. Deposit and withdrawal fees vary depending on the method and range from 1% - 5%.
Coinbase - Best Regulated Crypto Exchange.
Coinbase - Best Regulated Crypto Exchange.

Is Cryptocurrency Regulated in China?

China stands as a significant player in the cryptocurrency landscape, demonstrating a clear regulatory stance on digital currencies. Cryptocurrency, while facing restrictions, is recognized within certain legal frameworks, with Chinese authorities treating them more as virtual commodities than traditional currency. The regulation of digital asset activities falls under the jurisdiction of the People's Bank of China (PBOC) and other regulatory bodies, ensuring compliance with financial regulations and market stability.

How to Buy Bitcoin in China

In China, individuals looking to buy Bitcoin can turn to Binance, a globally recognized and compliant exchange that supports CNY-based transactions. Binance offers a range of payment options, including bank transfers, credit cards, and popular digital wallets, ensuring a smooth experience for trading Bitcoin and an array of other assets, including altcoins, ETFs, and commodities.

To begin your Bitcoin investment journey in China, follow these steps:

  1. Sign Up: Register an account on Binance and complete all necessary identity verification processes.
  2. Fund Your Account: Go to the 'Deposit Funds' section pick one of the available deposit options.
  3. Pick Currency: Select CNY as your deposit currency and choose Bitcoin as your desired token.
  4. Buy BTC: Input the amount you wish to invest in BTC and confirm your purchase by clicking ‘Buy’.
Buy Bitcoin in China via Binance.
Buy Bitcoin in China via Binance.

Chinese Tax Requirements

In China, the State Administration of Taxation (国家税务总局) manages cryptocurrency tax regulations. For individuals, digital currencies often fall under the 'Asset Gains' category for tax purposes, where profits from trading or exchanging are taxable. Investors must declare the value of their crypto holdings, using designated valuation periods for precise reporting.

Enterprises and independent professionals using cryptocurrencies in their business operations encounter distinct tax requirements. Income generated from activities like mining or digital asset lending is regarded as business revenue and is taxable accordingly. Additionally, firms might face corporate tax responsibilities and VAT considerations on their crypto transactions. Detailed guidance can be obtained from the State Administration of Taxation or through consultation with a tax specialist in China.

Final Thoughts

In conclusion, our comprehensive analysis has identified the top 5 cryptocurrency exchanges in China, each excelling in various aspects critical to the needs of Chinese investors. These platforms, namely Binance, Bybit, OKX, Bitstamp, and Coinbase, stand out for their user-friendly interfaces, diverse trading options, competitive fees, and strict adherence to Chinese regulatory standards. 

They offer unique strengths, from Binance's extensive market coverage and advanced features to Coinbase's commitment to regulatory compliance. This evaluation, guided by stringent criteria including ease of use, security, and Mandarin support, aims to provide Chinese investors with reliable and insightful information for making informed decisions in the ever-evolving world of cryptocurrency.