10% of Global Crypto Users are in China where Crypto is Illegal
Even after Beijing banned most cryptocurrency trading and mining in 2021, private interest in crypto has proved surprisingly resilient. Analysts estimate China still has on the order of tens of millions of crypto holders. Roughly 59 million people in 2025, or about 10% of global users. These holders typically trade via offshore exchanges, over-the-counter (OTC) desks, or peer-to-peer (P2P) networks, since domestic platforms and initial coin offerings (ICOs) are illegal.
Therefore, many Chinese crypto enthusiasts simply migrate to Hong Kong or overseas markets to buy Bitcoin, Ether, or stablecoins. Or use VPNs and foreign apps, even as Beijing maintains its strict bans.
China’s Mining Ban Didn’t Work – It Just Went Underground
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