Crypto Exchanges China Ban: What Happened and Where Traders Went
When Crypto Exchanges China ban, the 2021 government crackdown that shut down domestic cryptocurrency trading platforms and banned financial institutions from handling crypto transactions. Also known as China’s crypto trading prohibition, it didn’t kill crypto—it forced it underground and overseas. Before the ban, China accounted for nearly 70% of global Bitcoin mining and had some of the busiest crypto exchanges like Huobi and OKX. Then, overnight, those platforms lost their legal footing. They didn’t just shut down—they relocated. Offices moved to Singapore, Malta, and the Cayman Islands. Trading didn’t stop. It just got quieter.
The ban didn’t target individual holders—it targeted crypto exchanges, platforms that matched buyers and sellers, processed fiat-to-crypto trades, and held user funds. Also known as centralized crypto platforms, they were seen as threats to financial control. But people still wanted to trade. So they turned to P2P crypto trading, peer-to-peer networks where individuals swap crypto directly, often using WeChat or local bank transfers. Also known as over-the-counter crypto, this became the lifeline for millions. Banks couldn’t touch it. Regulators couldn’t track it. And it worked. Meanwhile, miners packed up their rigs and moved to Kazakhstan, the U.S., and Russia. The ban didn’t end crypto in China—it just made it harder to see.
What you’ll find in these posts isn’t just history. It’s survival. You’ll read about how Indian traders escaped 30% taxes by moving to Dubai, how Turkish citizens bypassed payment bans with DeFi wallets, and why a South African exchange called Artis Turba collapsed under regulatory pressure. These aren’t isolated stories—they’re echoes of the same pattern: when governments move against crypto, users adapt. Not by quitting, but by finding new paths. The China ban didn’t disappear. It just spread.
