币安交易所全球领先的加密货币机构服务

Binance is widely recognized as the world’s largest cryptocurrency exchange by trading volume, offering a vast array of digital assets, trading pairs, and financial products. However, since 2021, Binance has officially ceased offering services to mainland Chinese users due to local regulatory restrictions. This means that if you are a Chinese resident looking to operate Binance, you must first understand the current legal landscape and the available workarounds—such as using an international version of the platform or a peer-to-peer (P2P) market. Below, we break down what Binance is, why it is no longer available in China, and how Chinese traders can still access and use the exchange safely.

First, let’s clarify what Binance is. Founded in 2017 by Changpeng Zhao, Binance started as a simple crypto-to-crypto exchange and quickly grew into a global ecosystem. It now includes spot trading, futures, options, staking, savings, NFTs, and its own blockchain—Binance Smart Chain (BSC). Unlike local Chinese exchanges such as Huobi or OKX (which also migrated overseas), Binance leads the market with the deepest liquidity and the most comprehensive trading tools. For any serious crypto trader, understanding Binance’s interface—especially the “Spot” and “P2P” sections—is essential.

For Chinese users who want to operate Binance, the first step is accessing the correct website. The domain “binance.com” is blocked within mainland China, so users typically need a VPN to access the global site. It is critical to avoid fake or phishing Binance clones. After connecting to a reliable VPN, you must register an account. Binance requires email or phone verification, and some users in China use overseas phone numbers (e.g., from Hong Kong or Singapore) to bypass SMS restrictions. Once registered, you will complete identity verification (KYC) using a passport or international ID card—Chinese national ID cards are accepted if you are outside of mainland China, but many Chinese traders use passports to avoid issues.

After verification, the most common operation method for Chinese users is the P2P trading feature. P2P allows you to buy USDT (Tether) or other stablecoins directly from sellers using Chinese payment apps like Alipay, WeChat Pay, or bank transfers. To do this, go to the “Buy Crypto” menu and select “P2P Trading.” Choose your fiat currency (CNY) and the amount of USDT you wish to buy. The system will display a list of sellers with their price and payment methods. After selecting a seller, you send the CNY payment via your local app and confirm the transaction on Binance once the seller releases the crypto. This process is nearly identical to how you would operate a local exchange like Huobi, but with Binance you get better liquidity and lower fees.

Once you have USDT in your Binance wallet, you can move to the “Spot” trading section to trade other cryptocurrencies. If you are a beginner, start with limit orders—set the price you want to buy or sell at—rather than market orders, which execute immediately at the current price. Binance also offers “Convert” feature for quick swaps, which is easier for users who are not familiar with order books. For advanced operations, you can explore Futures (up to 125x leverage), but this carries high risk and requires margin management. Chinese traders should also be aware that using Binance Futures from China may involve additional legal risk due to the ban on crypto derivatives.

Another key operation for Chinese users is withdrawing funds. Since direct withdrawal to Chinese bank accounts is not available, you will use the P2P market in reverse: sell your USDT to buyers who pay you in CNY via Alipay or WeChat. Always verify the buyer’s reputation and payment confirmation before releasing your crypto. Finally, never share your API keys or login credentials with third-party services, and enable two-factor authentication (2FA) using Google Authenticator—SMS is less secure and may not work for Chinese numbers. By following these steps—using a VPN, accessing binance.com, registering with a passport, using P2P for CNY deposits/withdrawals, and trading on Spot—you can operate Binance as a Chinese user in 2024. However, always stay updated on regulatory changes, as the situation can evolve quickly.