China has banned all major crypto exchanges since 2017, with strict enforcement through internet blocks, financial restrictions, and surveillance. Holding crypto isn't illegal, but trading is. Learn which exchanges are blocked and how Chinese users bypass the ban in 2025.
Coinbase China: What Really Happened and What’s Left Today
When people ask about Coinbase China, the Chinese presence of the U.S.-based cryptocurrency exchange Coinbase. It's often confused with local platforms, but Coinbase never launched a China-specific service. The company never applied for a license, never opened offices, and never marketed to Chinese users—despite the country’s massive crypto trading volume.
China’s 2021 crypto ban didn’t just shut down exchanges like Binance and Huobi—it also made it illegal for foreign platforms to serve Chinese residents. Coinbase, being a regulated U.S. firm with strict compliance policies, never had a foothold to begin with. But the name stuck. Why? Because traders looking for safe, reliable platforms started searching for anything that sounded Western and trustworthy. Coinbase became a placeholder term, like saying "Google" when you mean any search engine. Meanwhile, peer-to-peer trading through USDT, Tether’s stablecoin used as the de facto currency for underground crypto trading in China exploded. Traders now use encrypted apps, VPNs, and local payment methods to buy and sell without touching a regulated exchange.
The real story isn’t about Coinbase—it’s about what replaced it. China’s crypto market didn’t vanish; it went underground. P2P platforms like LocalBitcoins and Paxful saw spikes in Chinese users. Even now in 2025, millions trade crypto daily using WeChat Pay, Alipay, and bank transfers—just not through branded exchanges. Meanwhile, the Chinese government keeps tightening controls: new laws criminalize discussing crypto on social media, and banks flag any transaction linked to crypto wallets. But the demand? Still there. People want access to Bitcoin, Ethereum, and DeFi tools. They just can’t use Coinbase—or any other foreign exchange—without breaking the law.
So if you’re looking for Coinbase in China, you won’t find it. But you will find people using it as a symbol for what’s missing: a legal, secure, easy way to trade crypto. That’s why so many posts here focus on alternatives—how to trade safely without an exchange, how to avoid scams pretending to be Coinbase, and what happens when you get caught. You’ll find real stories from traders who’ve navigated this gray zone, reviews of P2P platforms that actually work, and breakdowns of how USDT stays liquid even under heavy surveillance. This isn’t a guide to using Coinbase in China. It’s a guide to surviving without it.