Are online crypto exchanges illegal in China?

The ban on crypto exchanges in China is primarily aimed at preventing financial risks and protecting investors from potential scams and frauds. The central bank believes that cryptocurrencies are highly volatile and pose significant risks to the country's financial stability.

Cryptocurrency exchanges have become an integral part of the digital finance landscape, enabling users to buy, sell, and trade various digital assets. However, for Chinese residents, accessing such platforms can be challenging due to legal restrictions imposed by the central bank.

According to the central bank's statement, online crypto exchanges are illegal for Chinese residents. This means that engaging in transactions through overseas virtual currency exchanges via the internet is considered an illegal financial activity.

In addition to spot trading, BTCC also offers futures trading, which allows users to speculate on the future price movements of cryptocurrencies. This service can be highly profitable but also carries significant risks, as the prices of cryptocurrencies can be highly volatile.

Despite the ban, many Chinese investors still find ways to access crypto exchanges, either through VPNs or by using overseas accounts. However, these methods are not only illegal but also risky, as they can expose users to cyber threats and other forms of fraud.