Summary: The best way to buy USDT in China is with a trusted cryptocurrency exchange that accepts deposits in Chinese Yuan (CNY). With this method, investors can safely transfer CNY via bank transfer, Alipay or Wechat Pay to buy USDT, USDC & other stablecoins.
Our top pick for investors in China is Binance. They are the world's largest crypto asset trading platform that accepts users in China and offers instant CNY deposits to buy Tether (USDT) and 350 other cryptocurrencies with low fees. Their platform also supports over 20 languages including Chinese.
- Instant and Free Chinese Yuan (CNY) deposits to buy Tether (USDT) and other stablecoins.
- Trade 350+ crypto assets with low fees starting at 0.1% per trade.
- Largest and most trusted Cryptocurrency exchange in the world with 100 million users.
Can you Buy USDT in China?
At present, purchasing USDT (Tether) within China may present some challenges as the nation does not have an officially supported platform for cryptocurrency transactions. This situation is due to the lack of the requisite infrastructure for performing and safeguarding digital currency exchanges.
To buy USDT and stablecoins, residents in China need to sign up with a globally recognized digital currency exchange, which complies with international financial regulations, and then transfer Chinese Yuan (CNY). Make sure the platform you choose supports USDT purchases and is accessible in China.
How to Buy Tether (USDT) in China
Buying USDT in China is a simple process thanks to the ease of use of cryptocurrency exchanges like Binance that allow Chinese citizens to sign up & buy digital assets. Their platform enables users in mainland China to register an account and deposit CNY to safely buy Tether (USDT) and over 350 other crypto assets with low fees.
You can get started in 4 simple steps with our guide:
- Sign Up: Create an account on Binance and complete the identity verification process.
- Deposit Funds: Choose Chinese Yuan (CNY) as your currency and select Tether (USDT) as the coin you want to buy.
- Transfer Funds: Deposit funds from your bank account using a bank transfer or another suitable method.
- Purchase Crypto: Click 'Buy', and the tokens will be instantly credited to your account.
What are the Fees to Buy USDT with CNY?
The fees to buy Tether (USDT) with CNY will vary depending on the exchange you use. Fortunately with large and trusted platforms like Binance, users will pay 0 deposits fees to transfer CNY onto the platform and then a small 0.1% swap fee to buy Tether (USDT). This is significantly cheaper than alternatives like OKX and Bybit which charge up to 0.2% to buy USDT on their platforms.
Is Tether (USDT) Legal in China?
Tether (USDT) is not officially recognized or regulated by the Chinese government. In 2017, the People's Bank of China (PBOC) issued a notice banning initial coin offerings (ICOs) and stating that digital tokens cannot be used as a form of payment in the country. Since then, China has taken a strict stance against cryptocurrencies and has cracked down on exchanges and ICOs operating within the country. As a result, it is likely that Tether and other cryptocurrencies are not legal in China.
Why is USDT Popular in China?
USDT's popularity in China can be attributed to its currency stability and ability to bypass capital controls. As a stablecoin pegged to the US Dollar, USDT offers a more predictable value compared to volatile cryptocurrencies, which appeals to Chinese investors and businesses. Furthermore, USDT enables people to circumvent strict government-imposed capital controls, allowing for more efficient cross-border transactions and asset protection from domestic market fluctuations. The combination of these factors has contributed to USDT's widespread adoption in China.
Final Thoughts
In conclusion, buying USDT in China, while it presents some challenges, is possible through recognized and trustworthy cryptocurrency exchanges such as Binance. Investors can utilize bank transfers, Alipay, or Wechat Pay to deposit CNY and purchase USDT and other stablecoins.
The process is straightforward, and with Binance's low fees, it's more affordable than with many other exchanges. However, due to China's strict stance against cryptocurrencies, buying and using USDT is not officially recognized or regulated, potentially putting investors at risk.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
