Which exchange is bitcoin.com on? Introduction to the legality of Bitcoin in China

Despite operating globally, Bitcoin.com exchange remains unaffected by China's crackdown on domestic cryptocurrency exchanges due to its non-Chinese base.

Feb 06, 2025 at 04:01 pm

Key Points:

• Legality of Bitcoin in China: Bitcoin is not officially recognized or regulated in China, but its trading and possession are not explicitly prohibited.
• Bitcoin Exchanges in China: Binance, Huobi, and OKEx were the dominant cryptocurrency exchanges in China before the government crackdown in 2017.
• Bitcoin.com Exchange Status: Bitcoin.com is a global cryptocurrency exchange that is not based in China.

Introduction to the Legality of Bitcoin in China

The legal status of Bitcoin in China has been a topic of debate and constantly evolving over the years. In 2013, the People's Bank of China (PBOC) issued a notice stating that Bitcoin was not considered a currency and that financial institutions should not engage in Bitcoin-related transactions. However, it did not explicitly prohibit the use or possession of Bitcoin.

In 2017, the Chinese government intensified its efforts to curb cryptocurrency trading and speculation. PBOC issued a ban on initial coin offerings (ICOs) and ordered all domestic cryptocurrency exchanges to cease operations. Binance, Huobi, and OKEx, which were the leading exchanges in China at the time, were forced to close their operations in the country and relocate overseas.

Despite the crackdown, the use of Bitcoin and other cryptocurrencies in China has persisted. However, it is important to note that the legal standing of Bitcoin remains uncertain, and its trading or possession is undertaken at one's own risk.

Bitcoin Exchanges in China before the 2017 Crackdown

Prior to the government's crackdown in 2017, a number of cryptocurrency exchanges operated in China, including:

• Binance: Founded in 2017, Binance quickly became the largest cryptocurrency exchange worldwide by trading volume. It offered a wide range of cryptocurrencies and trading services.
• Huobi: Established in 2013, Huobi was one of the earliest cryptocurrency exchanges in China and had a strong presence in the country.
• OKEx: Founded in 2013, OKEx was another major cryptocurrency exchange in China. It was known for its high trading volumes and derivatives offerings.

Bitcoin.com Exchange Status

Bitcoin.com is a global cryptocurrency exchange that was launched in 2015. It is not based in China and is not subject to Chinese regulations. Bitcoin.com offers a variety of cryptocurrency trading pairs, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

FAQs

Q: Is Bitcoin legal in China?
A: The legal status of Bitcoin in China is uncertain. The government has not officially recognized or regulated Bitcoin, but its trading and possession are not explicitly prohibited.

Q: Can I use Bitcoin in China?
A: It is possible to use Bitcoin in China, but it is important to note that the legal implications are unclear. Some businesses in China may accept Bitcoin as payment, but they may not be registered or regulated to do so.

Q: What cryptocurrency exchanges are legal in China?
A: There are no legal cryptocurrency exchanges operating in China. All domestic exchanges were ordered to cease operations in 2017.

Q: Can I still trade Bitcoin in China?
A: It is possible to trade Bitcoin in China through over-the-counter (OTC) transactions or by using foreign exchanges. However, it is important to be aware of the legal risks involved and to take appropriate precautions.

Q: Where is Bitcoin.com exchange based?
A: Bitcoin.com exchange is based outside of China and is not subject to Chinese regulations.