Buy USDT in China

Buy USDT in China

Dylan Matthews
Fact Checked
Jan 15, 2023

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 OKX. They are a Beijing-based platform that accepts users in China and offers instant CNY deposits to buy Tether (USDT) and 300 other cryptocurrencies with low fees.

Table of Contents

Best Crypto Exchange for USDT in China

Platform Highlights

  • Fast and cheap Chinese Yuan (CNY) deposits to buy Tether (USDT).
  • Trade & Stake over 300 Cryptos with low fees and tight spreads.
  • Feature-rich platform with Staking, an NFT Marketplace, OKX Chain, OTC Support & more.
OKX - China USDT
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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 OKX 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 300 other crypto assets with low fees.

You can get started in 4 simple steps with our guide:

  1. Sign up to the OKX platform and verify your identity.
  2. Select 'Buy Crypto' in the Navigation Menu and select 'P2P Trading'.
  3. Then select the token you want to buy (e.g USDT) and and CNY as your deposit method.
  4. Finally, click 'Buy' on the top listing to finalise your purchase of USDT with CNY. Once you buy the USDT, you can then trade it for any of the 300 tokens available on the OKX platform.
Buy USDT with CNY in China.

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 is popular in China because it provides a way for investors to bypass the country's strict capital controls and move money out of the country. The Chinese government has implemented strict capital controls to prevent large amounts of money from leaving the country and to maintain control over the value of the Chinese yuan. These controls make it difficult for Chinese investors to move money out of the country and invest in foreign assets.

Tether, being a stablecoin, is pegged to the US dollar, it allows Chinese investors to move money out of China in the form of USDT, which can then be exchanged for other cryptocurrencies or fiat currencies on international exchanges. This allows Chinese investors to gain access to a wider range of investment opportunities and to potentially protect their wealth from the volatility of the Chinese economy. Additionally, Tether has been widely adopted by many Chinese exchanges and traders as a way to move money around in the crypto-world.

Final Thoughts

Tether (USDT) is a popular choice among Chinese investors because it provides a way to bypass the country's strict capital controls. Investors can buy USDT on OKX with CNY via bank transfer, Alipay or Wechat Pay and have access to over 300 cryptocurrencies.

However, it is important to note that Tether and other cryptocurrencies are not officially recognized or regulated by the Chinese government. As such, investors should be aware of the risks associated with investing in cryptocurrencies and always make sure to do their own research before investing.

Dylan Matthews

I am the Founder & CEO of Buy Bitcoin Bank and was previously an engineer for a Prop trading firm in Crypto.

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