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Buying cryptocurrency with real money in China isn’t as simple as opening an app and tapping ‘Buy Bitcoin.’ Since 2021, the Chinese government has shut down domestic crypto exchanges, blocked bank transfers for crypto purchases, and made it illegal for financial institutions to handle digital asset transactions. But that doesn’t mean it’s impossible. Thousands of people in China still buy Bitcoin, USDT, and other cryptos every day - they just do it differently.
Why You Can’t Buy Crypto Directly in China
Chinese regulators don’t ban individuals from owning cryptocurrency. But they do ban banks, payment apps like Alipay and WeChat Pay, and local exchanges from facilitating fiat-to-crypto trades. If you try to use your Chinese bank account to buy Bitcoin on Binance or Coinbase directly, the transaction will be blocked. Your card might get declined. Your account could even be flagged. This isn’t about distrust in crypto. It’s about control. The government wants to keep capital within its financial system and prevent money laundering, speculative bubbles, and unregulated financial activity. So, if you want to buy crypto with yuan or USD, you need to work around these blocks - legally and safely.How Chinese Users Buy Crypto with Fiat in 2025
There are two main paths: international exchanges with fiat on-ramps and peer-to-peer (P2P) trading. Neither is perfect, but both work if you know how to use them.Option 1: Use an International Exchange with Fiat Support
Some global crypto platforms still accept users from China and allow direct fiat deposits. These aren’t based in China - they’re based in places like the EU, Singapore, or the U.S. - and they handle compliance through their own systems. CEX.IO is one of the most reliable for Chinese users. You can deposit USD, EUR, or GBP using bank transfers, credit cards, or digital wallets like Apple Pay. Once the money lands in your CEX.IO account, you use their simple “Convert” tool to swap it into Bitcoin, Ethereum, or over 200 other cryptos. No trading skills needed. The interface is clean, mobile-friendly, and works on both iOS and Android. Bitget and Kraken also support fiat deposits for Chinese residents. Kraken accepts bank transfers in EUR and USD with clear fee structures: 0.4% for taker trades, 0.25% for maker trades. Bitget offers similar rates at 0.1% and supports more than 680 coins. MEXC stands out because it doesn’t always require KYC (Know Your Customer) verification for small deposits. You can deposit fiat via SEPA bank transfer or Quick Buy with a card, and trade over 1,700 cryptos. Their maker fees are 0% - one of the lowest in the industry.Option 2: Peer-to-Peer (P2P) Trading
P2P is where most Chinese crypto buyers actually get their crypto. It’s like buying a used phone from someone on WeChat - you’re dealing directly with another person, not a company. Platforms like LocalBitcoins, Paxful, and Binance P2P connect buyers and sellers. You pick a seller, agree on a price (usually slightly above market rate), and send yuan to their bank account or WeChat Pay. Once they confirm receipt, they release the crypto to your wallet. This method is flexible - you can buy as little as $10 or as much as $10,000. But it comes with risks. Some sellers are scammers. Others might disappear after you pay. Always use escrow. Never send money before the crypto is locked in the platform’s holding system. Check the seller’s history: 500+ completed trades with 98% positive feedback is a good sign.Best Platforms for Fiat-to-Crypto in China (2025)
Here’s a quick comparison of the top platforms Chinese users actually use:| Platform | Fiat Currencies | Trading Fees | Coins Available | KYC Required? | Best For |
|---|---|---|---|---|---|
| CEX.IO | USD, EUR, GBP | 0.1% taker/maker | 200+ | Yes | Beginners, mobile users |
| MEXC | USD, EUR (SEPA), Card | 0.01% taker, 0% maker | 1,767 | No (for small amounts) | Low fees, high coin selection |
| Binance P2P | CNY, USD, EUR | 0% (P2P only) | 500+ | Yes | Direct yuan trades, volume |
| Kraken | USD, EUR | 0.4% taker, 0.25% maker | 472 | Yes | Security, regulation |
| EasyEquities | USD, EUR | Low fees | 50+ | Yes | Low-cost long-term holding |
Payment Methods That Actually Work
You won’t find “Buy Crypto with WeChat Pay” on any official exchange. But here’s what does work:- International bank transfers (SWIFT/SEPA) - slow but reliable for larger deposits
- Credit/debit cards - fast, but limited to platforms like CEX.IO and MEXC
- Apple Pay / Google Pay - accepted by CEX.IO and some brokers
- P2P cash deposits - via Alipay, WeChat Pay, or bank transfer to a seller
- Digital wallets - Neteller, Skrill, and PayPal (used to fund accounts on some brokers)
Security Is Non-Negotiable
When you’re dealing with money outside the system, you become a target. Scammers know Chinese users are desperate to buy crypto. They’ll pose as sellers, send fake links, or steal login details. Here’s how to protect yourself:- Always use two-factor authentication (2FA) - Google Authenticator, not SMS
- Store your crypto in a hardware wallet (Ledger or Trezor) after buying - never leave it on an exchange
- Only use platforms with cold storage - 95%+ of user funds stored offline
- Never share your private keys or recovery phrases - no one from support will ever ask for them
- Check the platform’s regulatory status - even if not in China, is it licensed in the EU, U.S., or Singapore?
Fees Are Hidden - But You Can Beat Them
Most people don’t realize how much they’re paying in fees. A 0.1% trading fee sounds small. But if you buy $1,000 worth of Bitcoin, that’s $1. If you do it every week, that’s $52 a year - plus withdrawal fees, currency conversion fees, and P2P premiums. MEXC’s 0% maker fees are the best deal. Kraken’s low taker fees make sense for larger trades. Binance P2P lets you negotiate prices directly - sometimes you can get rates within 1% of the market. Avoid platforms that charge more than 1% total. If you’re paying 5% to buy crypto, you’re better off waiting for a better option.What Doesn’t Work Anymore
Don’t waste your time on these:- Chinese exchanges like Huobi or OKX - they shut down fiat services in 2021 and now only serve non-China users
- Alipay or WeChat Pay for crypto - blocked by regulators
- Local Bitcoin ATMs - almost none exist in China anymore
- Unregulated offshore apps - many are scams or get shut down quickly
What’s Next for Crypto in China?
The government isn’t relaxing its stance. The digital yuan (e-CNY) is being rolled out nationwide - and it’s designed to replace cash and private digital currencies. Crypto isn’t going away in China, but it’s being pushed underground - into P2P networks and international platforms. If you’re buying crypto now, you’re doing it as a private individual, not as a participant in a regulated financial system. That means you have to be smarter, more cautious, and more informed than ever.Frequently Asked Questions
Can I use my Chinese bank account to buy crypto directly?
No. Chinese banks are legally prohibited from processing transactions for cryptocurrency purchases. Any attempt to use Alipay, WeChat Pay, or a local bank transfer to buy crypto on an exchange will be blocked. You must use international payment methods like SWIFT transfers, credit cards from foreign banks, or P2P transactions with individuals.
Is Binance legal in China?
Binance is not licensed in China and was shut down as a domestic exchange in 2021. However, its international platform still allows users from China to trade using P2P or fiat on-ramps. Binance does not market its services in China, and it has no offices or legal presence there. Using it is not illegal for individuals, but it operates in a regulatory gray area.
Which crypto is easiest to buy with fiat in China?
USDT (Tether) is the most popular choice. Because it’s pegged to the U.S. dollar, it’s used as a bridge currency. Many P2P sellers list USDT for yuan. Once you have USDT, you can trade it for Bitcoin, Ethereum, or other coins on any exchange. It’s more stable and easier to move across borders than other cryptos.
Do I need to pay taxes on crypto bought in China?
China does not currently have formal crypto tax laws for individuals. However, if you make large profits and your bank account shows unusual activity, tax authorities may investigate. There’s no official reporting requirement, but the government monitors financial flows closely. It’s safest to assume any gains could be subject to future regulation.
Can I withdraw crypto profits back to China as fiat?
Technically, yes - but it’s risky. Converting crypto back to yuan requires going through P2P again, which means finding a buyer willing to pay you in yuan. There’s no direct way to send crypto profits to a Chinese bank account. Many users hold their profits in USDT or Bitcoin to avoid this step entirely.